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Solana users warned of ‘solutions’ amid exploit, Solana wallets ‘compromised and abandoned’


Users on the Solana platform have been encouraged with the utmost urgency to move their assets to cold storage and to be wary of any possible scams after a critical exploit of thousands of wallets saw a staggering $8 million stolen. 

Rocked by this exploit, the cryptocurrency plane has taken a massive hit that has been ongoing since Wednesday. Solana’s wallet services, Phantom and Slope, were the services tht initially flagged the attack on social media. Many influencers and blockchain analysts were victims of the hack. 

The attackers gained access to private user keys during the transaction process, which was seen by the system as a legitimate transfer. Ava Labs CEO, Emin Gun Sirer gave a rough estimate of the number affected to be around 7,000 wallets. 

Investigations are unpacking the cause of the attack as well as the attacker’s motives to steal thousands of wallets and millions of dollars worth of funds. Many of those affected are being tricked into random help requests suggesting that they are able to help with solutions to the hack. Heidi Chakos, Crypto Tips Youtube channel host, noted that scammers would be looking to exploit the ongoing situation as well. 

Solana Status has been giving out ongoing updates since the beginning of the exploit, and confirmed that 7,767 wallets had been affected by the scam as of 5 am UTC, on Wednesday. 

On top of the updates, Solana also stressed users to move what funds they have into cold storage in order to keep them safe from any more attacks. The nearly 8,000 affect were told that their wallets should be treated as “compromised and abandoned.”

“This does not appear to be a bug with Solana core code, but in software used by several wallets popular among Solana users,” said Solana spokesperson. 

Affected users have been asked to provide wallet addresses to the Solana Foundation in order to help with the investigation. 

Anatoly Yakovenko, co-founder of Solana, gave an update viea twitter noting the claims of blockchain analysts who said a supply chain attack allowed the hackers to gain access to the private keys. 

Yakovenko said the preliminary investigations indicated affected wallets shared a trait, of only ever having received SOL with no other interactions. The exploit also affect iOS and Android devices, their keys being imported on mobile. 

Click here for  “mystery exploit victims”

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