Thousands of Solana Wallets Hacked in Latest Attack on the Cryptocurrency Market.

Hackers attacked the Solana ecosystem on Wednesday, with thousands of wallets being affected by the latest attack on the cryptocurrency market.

The extent of the damage is unknown. According to Elliptic, more than $5.2 million worth of cryptoassets has been stolen from more Than 7,900 Solana wallets. PeckShield, a security company, said that four Solana wallet addresses were used to steal approximately $8 million from victims.

Tom Robinson, the co-founder of Elliptic, said that the root cause was still unclear. It appears that the problem is not in Solana’s blockchain, but in certain wallet software.

Solana’s SOL token fell 7.3% to $38.40 during early trading on Wednesday. This was its lowest level in a week. Bitcoin gained 1.3% to $23,327

According to, the exploit affected users of a digital cryptocurrency wallet made by Slope Finance. A tweet sent Wednesday afternoon from Solana Status, a Twitter account run by the Solana Foundation, stated that the exploit was fatal.

The tweet stated that “there is no evidence that the Solana protocol was compromised or its cryptography was compromised”.

Slope stated in an official statement that several of its wallets were affected. It also said that funds had been lost to its founders and staff. Slope, which received $8 million in seed funding in February from Jump Crypto and Solana Ventures, is now conducting an investigation into the root cause.

The industry is under attack and crypto projects are becoming a lucrative target for hackers. Solana’s troubles come just days after Nomad, a bridge protocol that allows for the transfer of crypto tokens across multiple blockchains, lost nearly $200 million to a security vulnerability on Monday.

According to Elliptic’s June report, more than $1 billion was already stolen from bridges in 2022.

Austin Federa, a spokesperson for Solana, stated that “Much remains undetermined at this point — except hardware wallets have not been impacted.”

Federa stated that although there is speculation that the incident was a supply chain attack, it remains to be determined the exact nature of the exploit. When an outside party has access to the victim’s data and systems, supply-chain hacks are possible.

Solana is a competitor to the Ethereum blockchain. It has experienced network outages previously. Solana and other chains that offer low transaction fees have emerged as viable alternatives to Ethereum blockchains. The code underpinning Solana is also popular with clients looking to build their own decentralized-finance applications.

Robinson, Elliptic’s spokesperson, said that some NFTs were also taken in the hack. However, it is not clear what the full impact of this exploit was.

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