Wallet providers focused on the blockchain platform Solana experienced a massive private key compromise on August 3, 2022, in a latest multimillion dollar hack on the popular ecosystem.
The alleged wallet of the hackers – now inaccessible on Solscan – have victimized more than 8,000 wallets and over $5M worth of $SOL and SPL tokens. Most of the affected wallets were accounts on Solana’s crypto wallet Phantom that have been inactive for 6 months or more.
Here are the addresses of the four suspected attackers, according to on-chain analyst ZachXBT:
Users suspect that the hack resulted from transactions on Non-Fungible Token (NFT) marketplace Magic Eden. Although there is no evidence to the claim, Magic Eden posted a warning on Twitter on August 3, advising users to “Revoke Permissions to suspicious links.”
How to Protect Your Crypto Assets
According to GameFi founder Foobar of crypto newsletter The Variable, the first line of defense would be to “close your browser and shut down the computer,” adding “Airplane mode works as well for anything touching pks until the exploit cause is known & fixed.”
Another solution that the developer suggested is to immediately transfer assets into a hardware wallet with unexposed private keys, or to a reliable Cryptocurrency Exchange (CEX) for less experienced users, as revoking approvals will “probably not help.”
“If you don’t have a hardware wallet, the best course of action is to limit any upstream telemetry that could be happening,” Foobar said on Twitter.
The recent attack on Solana is just one of the string of hacks on the blockchain ecosystem this year. In the first quarter of 2022 alone, crypto hackers have siphoned off almost $400 million from the network, with NFTs being the primary targets.
On February 2, 2022, the network was hacked via communication bridge The Wormhole, with the hacker exploiting faulty coding and stealing over $320 million from Solana.
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