More than 8,000 Internet-connected hot wallets have already been robbed. SOL tokens are disappearing at an alarming rate, and the source of the attack remains unknown.
More problems for Solana
The Solana ecosystem has fallen victim to a clustered exploit. More users are reporting that their wallets have been literally drained. The issue affects network-connected wallets that include Phantom, Slope and TrustWallet.
Several different addresses have been linked to the attack, and the total value of the assets they have accumulated is already said to be more than $5 million. The hackers made their biggest gains through SOL tokens, but it appears that they are also stealing other assets based on the Solana ecosystem.
The first attacks were recorded on Tuesday, August 2. The attacker gained the ability to approve transactions in users’ hot wallets. Allegedly, the bug is not related to the Solana core code itself. Its cause may be a software vulnerability used by several software wallets. This is reported by Solana representatives via the Solana Status profile on Twitter:
“Engineers from several ecosystems, in cooperation with auditing and security companies, are still investigating the root cause of the incident that emptied about 8,000 wallets. It doesn’t appear to be a bug related to Solana’s underlying code, but to software used by several wallets popular with network users.”
Wallet developers put on alert
The search for the cause and source of the attack has prompted the developers behind the hot wallets to respond. According to a representative of Phantom, Solana’s largest wallet:
“We are evaluating the incident affecting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of the issue. We will issue an update as soon as we gather more information. The team does not believe that this is a Phantom-specific problem at this time.”
Initially, many users linked the intrusion with the Solana-based NFT marketplace, Magic Eden. Over time, however, this narrative was abandoned, as ultimately no leads led in that direction. Nevertheless, users were advised to revoke all application permissions and move resources to a safer location.
The reports have not stopped coming in
As time goes by, the network is flooded with information about further hacks and loss of resources by Solana users. To prevent similar situations, it is advisable to equip yourself with a hardware wallet that stores funds without the need for a constant connection to the Internet. One of the leading manufacturers of such, for example, is Trezor. We had the opportunity to test one of the company’s flagship products. If you have not yet read our review, we encourage you to do so. You can do so at this link: “Trezor review”.