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Crypto suffers a new setback with the breach of thousands of Solana wallets

Updated: Aug 28, 2022

By Hayfa Ashraf

Elliptic, a blockchain forensics company, reports that around US$5.2 million worth of cryptocurrency has been taken thus far from over 7,900 Solana wallets. According to security firm Peck Shield, four Solana wallet addresses stole around $8 million from the victims.

The other co-founder of Elliptic, Tom Robinson, stated that "the core reason is still unclear." "Rather than a fault in the Solana blockchain itself, it appears to be caused by a flaw in certain wallet software."

In early trade on Wednesday, the hack drove Solana's SOL token down as much as 7.3 percent, to US$38.40. Solana Status, a Twitter account run by the Solana Foundation, said that the hack affected users of a digital cryptocurrency wallet created by Slope Finance.

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