Hacker drains over $4M from the Solana ecosystem. Are you vulnerable?
Solana — the major blockchain known for its fast and cheap transactions — is the target of a major hack. The hackers compromised 9,000+ wallets with an estimated $4M+ in crypto drained (majority $SOL and $USDC). The hack impacted:
- Solana-based wallets, including Phantom, Slope and Trust Wallet — and mainly mobile users.
- Hot wallets, which are always connected to the internet.
An investigation by Solana isolated the incident to one suspect: Slope Finance. Any users that interacted with Slope’s mobile wallet applications — even using other wallet providers could be exposed. Updates can be found via Solana Status
What’s the safest way to store your crypto?
- These are often in the form of physical hard drives or USB-like devices, which are seen as the safest way to store your crypto.
- Just be careful — make sure you don’t lose your cold wallet. It’s near impossible to recover your crypto if you do.
Just ask the person who lost 7,500 bitcoins (~$172M) stored on a hard drive — who’s now using x-ray devices to search through junk yards.
While cold wallets aren’t convenient as hot wallets, long-term holders should consider moving their crypto to cold wallets. Safety first.