The Solana cryptocurrency was to be among the most promising digital tokens in the industry, at the dawn of “Web 3”, NFT, and its new exchanges in the virtual worlds of the Metaverse. But the “altcoin” (alternative token) SOL, created in 2018 to compete with the successes of bitcoin and its rival ether, has had a series of disappointments. Latest, a second hack in less than a year confirmed this Wednesday, August 3 by the company on the Twitter account “Solana Status”.
“Engineers from multiple ecosystems, together with audit and security firms, continue to investigate the root cause of an incident that drained approximately 8,000 wallets,” writes Solana Labs Inc. on Twitter on Wednesday.
“This does not appear to be a bug in Solana’s core code, but software used by several popular software wallets among network users”, specifies the San Francisco-based company. In other words, the flaw would be in a software overlay, rather than on the blockchain, itself deemed inviolable due to its fully decentralized validation process. The precious tokens were held in wallets dubbed Phantom and Slope, hosted online by the Solana blockchain.
In total, 7,767 wallets holding this cryptocurrency are affected by the hack. The value of the loot stolen from these accounts would reach more than 6 million dollars, according to several research firms capable of accounting for the movements of the encrypted address used by the hacker.
A promising crypto
Like the blockchains of other crypto-assets, the Solana blockchain promises exchanges that are faster, more secure, and more easily integrated into a new generation of applications and web services. The American is also positioned as a benchmark asset for buying and selling NFTs (non fungible tokens). From this asset was even born the specialized platform “Solanart” to sell digital works.
In terms of weight in the crypto market, still dominated by the Bitcoin protocol ($446 billion in valuation), Solana ranks 9th among cryptocurrencies, at more than $13 billion in valuation, according to the Cryptoslate site. The asset also benefits from strong community support. Following the announcement of the hack, its price fell by almost 5%, trading at more than 40.1 dollars, in a sector which is timidly regaining color after the spring crash.
As digital wallet hacks increase, it’s a second blow for crypto fans who already suffered the bitcoin crash last May, swept away by traditional finance fears and rising interest rates. of the US Federal Reserve.
A first hack involving Solana took place last February between computer protocols for decentralized finance services (DeFi) and digital wallets. The sums – 320 million dollars in total – had finally been recovered following negotiations with the hacker, reported Bloomberg. Enough to make the course of the crypto decline by 11% in 24 hours all the same.
In the wake of this new hack, the Solana Foundation, which is carrying out the project, has put a form online to receive testimonials and complaints from wallet owners.