~$6,000,000 worth of $SOL and $USDC has been stolen from over 8,000 Solana wallets.
The hacker used private keys to drain user funds, in what has been one of the craziest and most mysterious hacks in recent times.
๐งต: Everything you need to know about the $SOL exploit. ๐
The hacker used private keys to drain user funds, in what has been one of the craziest and most mysterious hacks in recent times.
๐งต: Everything you need to know about the $SOL exploit. ๐
1/ It all started when a few people started to notice some unusual outflows from Phantom wallets on Solana.
2/ Numerous reports started to pop up across Twitter and Discord of users having funds drained from their wallets.
3/ Phantom wallet was quick to issue a statement, saying that they don't "believe this is a Phantom-specific issue."
4/ Developer and auditor @0xfoobar found that the attacker was stealing both $SOL and $USDC tokens from people's Slope and Phantom wallets.
5/ The most logical thing to do in a situation like this is to revoke access to any dAPPS.
But, $AVAX co-founder @el33th4xor asserted that "it's likely that the attacker has acquired access to private keys."
But, $AVAX co-founder @el33th4xor asserted that "it's likely that the attacker has acquired access to private keys."
6/ This means that the only way to protect your assets is to move them to a hardware wallet or to a centralised exchange.
7/ Solana finally responded after hours of speculation, stating that over 7,767 wallets had been affected by the exploit so far.
8/ But, what soon made matters worse was that RPC nodes starting pinging as "offline". This indicated that the Solana network was down, causing more panic across Twitter.
9/ It was theorised that the nodes were being purposefully DDoS attacked by developers in order to slow down the hackers.
This backfired as it caused additional confusion.
This backfired as it caused additional confusion.
10/ Supposedly the DDoS attack was aimed at the hacker, which subsequently resulted in the RPC nodes failing.
11/ The most concerning part is the lack of clarity surrounding the root cause of the issue.
Even Solana co-founder Anatoly (although covering the situation), couldn't offer a verdict, despite alluding to iOS-imported wallets being the key target.
Even Solana co-founder Anatoly (although covering the situation), couldn't offer a verdict, despite alluding to iOS-imported wallets being the key target.
12/ He (and other key SOL figures), surveyed their audience for data to try and get to the bottom of the exploit. Almost attempting to conduct an on the go post mortem.
This indicates (to me), that we are dealing with a highly complex exploit.
This indicates (to me), that we are dealing with a highly complex exploit.
13/ As of now, the issue is still being investigated.
Solana's latest update says that they "continue to investigate the root cause", and that it "does not appear to be a bug with Solana core code".
Solana's latest update says that they "continue to investigate the root cause", and that it "does not appear to be a bug with Solana core code".
14/ But we do now know a few key details of the hack:
โข It's not a direct $SOL blockchain attack
โข Multiple wallets were affected
โข Currently 8k victims
โข Hacker has 4 known addresses
โข It's not a direct $SOL blockchain attack
โข Multiple wallets were affected
โข Currently 8k victims
โข Hacker has 4 known addresses
15/ Crypto seemingly can't catch a break recently, with the 4th biggest DeFi exploit in history (Nomad Bridge) being hacked for $190m just yesterday.
16/ I do think this Solana issue has been overblown as a hack pertaining to the blockchain itself.
As far as we know, $SOL isn't at fault, and that's probably why the price action hasn't been as drastic as some envisaged.
As far as we know, $SOL isn't at fault, and that's probably why the price action hasn't been as drastic as some envisaged.
17/ From the phone announcement, to the network shutdowns, now to this exploit, Solana certainly gets a bad rap (which to an extent is unjustified).
Issues are expected when pushing technological boundaries, and don't necessarily reflect on the future potential of the chain.
Issues are expected when pushing technological boundaries, and don't necessarily reflect on the future potential of the chain.
18/ It's now been 16 hours since the initial reports broke, and there still hasn't been a concrete post mortem or resolution.
19/ This situation is live and highly adaptive, so I'll be keeping you updated by adding to this thread.
Make sure you have post notifications turned on so you don't miss any important updates. ๐
Make sure you have post notifications turned on so you don't miss any important updates. ๐
20/ Follow me @milesdeutscher for more content like this.
To keep your followers safe and aware of what's happening, kindly like and retweet the first tweet below if you can. ๐
To keep your followers safe and aware of what's happening, kindly like and retweet the first tweet below if you can. ๐
21/ The exploit has been found to be tied to Slope mobile wallet applications.
No fault of Solana themselves.
No fault of Solana themselves.
22/ Slope recently responded to the issue, with investigation ongoing.
23/ Iโm hearing that the total hack amount is now over $7.6m.
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