Solana Ecosystem Hacked And Loses In Excess of $580 Million From Private Wallets

The Solana blockchain has just come under attack, as the hackers have managed to take advantage of an exploit in the system and drain it of $580 million from user’s private wallets.

Blockchain security firm SlowMist blew the whistle after it discovered that some hackers managed to penetrate in excess of 8,000 wallet addresses on Solana and steal users’ funds. The money was transferred to four individual wallet addresses:

Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV

CEzN7mqP9xoxn2HdyW6fjEJ73t7qaX9Rp2zyS6hb3iEu

5WwBYgQG6BdErM2nNNyUmQXfcUnB68b6kesxBywh1J3n

GeEccGJ9BEzVbVor1njkBCCiqXJbXVeDHaXDCrBDbmuy

The loss of $SOL from the users’ wallets is a catastrophe for the network, as it had never before suffered such an attack. The Solana development team released an announcement stating that the wallets used for withdrawing the funds had been inactive for as long as six months. The announcement also states that Phantom and Slope wallets have been affected as well.

Solana’s chief offers are recommending users to unlink their wallets from the ecosystem and all related sites to avoid being affected. Users are best advised to transfer their assets from SOL to reliable centralized exchange wallets or cold wallets until further notice.

The Solana development team has not yet released any statements regarding the official causes of the hack or the exploit that resulted in the incident. However, the impact is already palpable, as SOL is already trading at $38.04, down 6.4% over the last 24 hours.