HomeDrainsSolana Hack Destroys 8k Crypto Wallets

Solana Hack Destroys 8k Crypto Wallets

The latest victim of a devastating, ongoing hack is the Solana network. Accordingly, over 8,000 wallets have been compromised and the numbers keep rising. The total loss amount in cryptocurrency exceeds $7M. Notably, many wallets were allegedly inactive for more than 6 months. The exact cause of this hack is currently unknown.


abstract image of digital hackers around a Solana logo
Solana is the latest victim of an NFT hack which affected more than 8,000 digital wallets. Credit: FreePik

What should you know about the Solana hack?

Solana is having a tough season, and things only seem to get worse for the company. The popular network was hacked today, August 3.

Unfortunately, the hackers’ main target was Solana’s digital wallets. In a matter hours, 8K digital wallets had been emptied. The Twitter NFT community witnessed the tragic incident:


Twitter screenshot of a message related to the Solana hack
The hack affected both Slope and Phantom digital wallets, most of them inactive for over 6 months. Credit: Twitter

Looking into the transactions, it seemed that only wallets inactive for over 6 months were targeted. The attacker also took Slope and Phantom hot wallets. The attacker also took SPL tokens and SOL РSolana’s native token.

In summary, Solana suffered a loss of at least $8M from the hack.

What did Solana say about the incident?

Surprisingly, the network didn’t release any official statements yet. However, Phantom posted a Tweet regarding the incident:

“We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. The team doesn’t believe that this is a Phantom-specific problem at this point. As soon as we gather more information, we will issue an update,” the team wrote.

Meanwhile, the Twitter account Solana Status (run by Solana Foundation) posted several updates too.


Twitter screenshot of a message posted by Solana Status
Solana Status posted a message shortly after the hack, confirming tha the team is looking into the incident. Credit: Twitter

How can wallet owners stay safe?

To begin with, Solana Status advises against using your seed phrase – even on a hardware wallet. For extra security, you can create a new phrase.

Is your wallet compromised? You can complete this survey to help with the team’s hack investigation, Solana Status says.

The NFT community is also looking into possible solutions. Many users recommend that Phantom or Slope wallet holders revoke access from other apps. Others suggest that shutting down your computer or switching to airplane mode may be a good idea. Although these actions may limit upstream telemetry, they are far less effective than hardware wallets.

However, we recommend that you switch to hardware wallets. If you’re unfamiliar with this choice, our digital wallet guide explains everything; you can check it out right here!


All investment/financial opinions expressed by NFTevening.com are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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