June 16, 2024

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Solana governor ‘drained’ in blow to crypto network

Solana governor 'drained' in blow to crypto network

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

Solana On Wednesday, several other blockchain-related platforms were investigating an apparent hack that affected at least 7,767 digital wallets, the computer programs that store crypto-tokens for traders.

The Solana Foundation, a non-profit focused on the growth and security of the Solana network, told the Financial Times that the exploit “does not appear” to have affected its core infrastructure, but rather resulted from a bug “in the software used by several wallets popular among Solana users”.

The apparent hack represents a new setback for Solana, who has been touted as a potential long-term winner in the cryptocurrency industry because it was built to handle thousands of trades per second but has faced a string of outages in recent months.

The Solana Foundation said Wednesday that “engineers from multiple ecosystems, with the help of several security firms, are investigating the drain on Solana’s wallets.” In many recent cryptocurrency hacking episodes, users have not gotten their money back since transactions cannot usually be reversed on blockchains.

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Critical intelligence in the digital asset industry. Check out the Financial Times coverage here.

Phantom, a wallet app based on Solana, and Solana’s marketplace for non-fungible tokens Magic Eden were among the providers who said they were affected in the apparent hacking incident.

The Solana Foundation said that wallets that allow traders to hold their coins offline instead of using online applications appear to be unaffected.

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

Solana is designed to process up to 50,000 transactions per second, a metric that far outstrips competitors including Bitcoin and Ethereum, and is on a par with established traditional financial services such as the Nasdaq. In January, Bank of America analysts said Solana “could become a digital asset ecosystem visa.”

However, Solana has suffered from processing glitches that have tarnished its reputation. Solana’s entire network went dark for four hours in June, and that was an outage Documented On the network’s official status website.

The original cryptocurrency named blockchain has plummeted Nearly 80 percent This year, it’s bigger than the declines of its biggest rivals Bitcoin and Ether.

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