Estimates of the damage vary. Just over US$5.2 million in cryptoassets have been stolen so far from more than 7,900 Solana wallets, according to blockchain forensics firm Elliptic. Security company PeckShield said four Solana wallet addresses drained approximately US$8 million from victims.
“The root cause is still not clear,” Elliptic’s co-founder Tom Robinson said. “It appears to be due to a flaw in certain wallet software, rather than in the Solana blockchain itself.” The attack sent Solana’s SOL token down as much as 7.3 per cent to US$38.40 in early trading on Wednesday, its lowest in a week. Bitcoin was up 1.5 per cent at US$23,367.
Crypto projects are proving a rich vein for hackers and the industry has suffered numerous attacks this year. Solana’s woes come days after Nomad — a bridge protocol for transferring crypto tokens across different blockchains — lost close to US$200 million in a security exploit on Monday. More than US$1 billion has already been stolen from bridges in 2022, according to a June report by Elliptic.
“Much remains unknown at this point — except that hardware wallets are not impacted,” Solana spokesman Austin Federa said.
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