Solana wallets were “emptied” in a hit to the crypto network

Solana wallets were "emptied" in a hit to the crypto network

Thousands of crypto accounts linked to the Solana blockchain have been “exhausted” in a blow to one of the largest networks in the digital asset market.

Solana and several other blockchain-linked platforms Wednesday morning investigated an exploit of the breach in their system that affected at least 7,767 digital wallets, the computer programs that store traders’ crypto tokens, according to one of its Twitter accounts. solana

The exploit marks a setback for Solana, which is widely regarded as one of the most promising blockchains in the crypto industry. The digital ledger has been touted as one of the potential long-term winners of the crypto industry because it was built to handle thousands of transactions per second.

“Engineers from multiple ecosystems, with the help of multiple security companies, are investigating depleted wallets in Solana,” the group said on Twitter.

He said wallets that allow traders to keep their coins offline rather than using online applications did not appear to have been affected.

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Phantom, a Solana-built wallet app, and Solana’s non-fungible token marketplace Magic Eden were among the providers that said they were affected in the apparent hacking incident.

Solana Labs, a developer of the Solana blockchain, is backed by major groups in the mainstream and cryptocurrency markets, including venture capital firm Andreessen Horowitz, high-speed trading shop Jump Trading and Alameda Research by Sam Bankman-Fried.

Engineers from multiple ecosystems, with the help of several security companies, are investigating depleted wallets in Solana. There is no evidence that hardware wallets are affected.

This thread will be updated as new information becomes available.

— Solana Status (@SolanaStatus) August 3, 2022

Solana is designed to process up to 50,000 trades per second, a scale far greater than that of rivals such as bitcoin and ethereum, and on par with established traditional financial services such as the Nasdaq stock exchange. In January, Bank of America analysts said Solana “could become the Visa of the digital asset ecosystem.”

However, Solana has been beset with prosecution errors that have tarnished its reputation. The entire Solana network went dark for four hours in June, an outage that was documented on the official network status website.

The eponymous native blockchain currency has crashed almost 80 percent so far this year, larger than the declines sustained by its biggest rivals, bitcoin and ether.

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About the Author: Chaz Cutler

My name is Chasity. I love to follow the stock market and financial news!