Firstly, it’s very important to understand that the hack appears to have stemmed from an underlying issue with Solana-based hot wallets—mainly those on Phantom and Slope. As Solana Status reported on Twitter that “there is no evidence [that] hardware wallets are [being] impacted”. One potential method being suggested to safeguard against the hack is for users to move their Solana (SOL) from hot wallets to a cold wallet. According to YouTube channel ‘CryptoTips’, the Ledger cold wallet is endorsed as the most suitable and safe option.
Alternatively, SOL holders can move their funds onto a centralized crypto exchange in order to avoid the ongoing “Minesweeper” situation, as the hack is yet ongoing and the Solana blockchain’s engineers are still in search of a resolution.
Some users have reported that as much as $6 million in SOL was looted from Phantom wallets within just 10 minutes of the hack’s origin. Phantom has addressed the issue publicly, thating that “at this time, the team does not believe this is a Phantom-specific issue”. Be that as it may, it has inarguably been one of the hardest-hit wallet providers, along with Slope Finance.
With Twitter users boiling with heated remarks, crypto analysts have recommended revoking any and all suspicious permissions on their Phantom wallets. Some crypto enthusiasts are coping with the situation on Twitter by mockingly asking the fraudsters to instead “hack into Celsius and resume withdrawals”, while others still are simply displeased with the timing of the Solana outage.
The out-of-hand situation seems to have minorly impacted Solana (SOL) market price, with the token’s value down 1.9% over the last 24 hours. At press time, Solana (SOL) trades at $39.33, but has thus far maintaining a healthy 18% increase since last month.
On the Flipside
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Source: Cryptocurrency - investing.com
