As millions of dollars are stolen, the price of SOL drops

As millions of dollars are stolen, the price of SOL drops 2023


Source: AdobeStock / JorgeEduardo

The Solana (SOL) hack has affected more than 8,000 wallets and has already drained funds worth US$4.5-8 million.

According to data collected by the MistTrack platform, four addresses linked to the hackers have so far stolen $580 million in assets from more than 8,000 wallets.

However, MistTrack stated that $4.5 million in SOL, USDC, USDT, Bitcoin, and Ethereum were stolen, not including the value of the shitcoins. However, blockchain researcher PeckShield has estimated a higher loss.

As the hacking began, users began reporting that their funds were being drained without their knowledge from major internet-connected wallets, including Phantom, Slope, and TrustWallet.

All users of the affected wallets have been asked to transfer their holdings to a hardware wallet or a centralized exchange. The exact cause of the hack is still largely unclear, though it appears to have primarily affected mobile users.

Solana’s team said that engineers from multiple ecosystems, with the help of several security companies, are investigating the wallets that were dumped on Solana.

“There is no evidence that hardware wallets have been affected,” they added.

At the time of writing, Solana, the ninth coin by market cap, is trading near $39, up nearly 7% in 7 days and 16% in a month.

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