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Solana hack cryptocurrency theft overview:
- Who: Around $8 million in cryptocurrency was estimated to have been stolen from digital crypto wallets on the Solana network during a cyberattack on Aug. 3.
- Why: The theft is being blamed on a software glitch believed to be in several of the digital crypto wallets which are popular amongst Solana users.
- Where: The Solana network is used by cryptocurrency holders nationwide.
Millions of dollars in cryptocurrency holdings were stolen Wednesday, Aug. 3, in a theft from at least 8,000 digital cryptocurrency wallets on the Solana network.
The cybersecurity incident was the result of a security bug in the software of several digital wallets popular amongst Solana users, Law360 reported.
The software glitch reportedly allowed a “malicious actor” to gain access to the wallets and drain them of their cryptocurrency assets.
While the full scope of the Solana hack is not known, blockchain security firm PeckShield has estimated the attack resulted in around $8 million worth of cryptocurrency being stolen, Law360 reported.
Blockchain analysis firm Elliptic, meanwhile, has reported at least $5.8 million worth of cryptocurrency funds was drained from the wallets during the attack, adding that it believes the theft was done by a single actor.
Solana hack blamed by Phantom on complications from importing accounts to and from Slope
Phantom, which was one of the wallet platforms affected by the incident, released a tweet saying it believes the attack was able to occur due to complications stemming from importing accounts to and from the crypto platform Slope, reports Law360.
Slope, making its own statement, said that it had beliefs about how the attack may have occurred but that it did know anything definitive as of yet.
“We feel the community’s pain, and we were not immune,” Slope said. “Many of our own staff and founders’ wallets were drained.”
News of the Solana hack came only days after a cyberattack against digital token transferring platform Nomad resulted in — according to PeckShield — $190 million worth of cryptocurrency being stolen, Law360 reported.
A class action lawsuit was filed against cryptocurrency exchange company Coinbase in August 2021 by two Coinbase wallet holders who claimed the company had frozen them and other account holders from their accounts or enabled them to be hacked.
A separate class action was also filed against Mailchimp earlier this year over allegations the company allowed a data breach to occur, which resulted in millions of dollars worth of cryptocurrency being stolen.
Were you affected by the theft of cryptocurrency from digital wallets on the Solana network? Let us know in the comments.
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4 thoughts onSolana hack results in $8M cryptocurrency theft
I lost 7500
I lost 8K
Yes I have gotten crypto that magically disappeared from my coin base account 20,000 to be exact and coin base just now being this pass week decided to do something about and guess what that was block all users from sending crypto tell Aug 18
I lost ~$12k due to this negligence.