Solana wallet ‘mined’ in crypto network hit

Solana wallet 'mined' in crypto network hit
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Thousands of crypto accounts linked to the Solana blockchain have been “mined” in a hit to one of the largest networks in the digital asset market.

Solana and several other blockchain-related platforms are investigating an exploit Wednesday morning for a loophole in its system that affected at least 7,767 digital wallets, computer programs that store traders’ crypto tokens, according to one of Solana’s Twitter accounts.

The exploit marks a setback for Solana, widely seen as one of the crypto industry’s most promising blockchains. The Digital Ledger It has been touted as one of the potential long-term winners of the crypto industry as it was built to handle thousands of trades a second.

“Engineers from multiple ecosystems, with assistance from several security firms, are investigating wallets drained to Solana,” the group said on Twitter.

It said wallets that allow traders to hold their coins offline, rather than using online applications, do not appear to be affected.


Critical Intelligence of the Digital Asset Industry. Explore the FT’s coverage here.

Providers of Phantom, a wallet app built on Solana, and Solana non-fungible token marketplace Magic Eden said they were affected by the apparent hacking incident.

Solana is backed by major groups in the traditional and cryptocurrency markets, including blockchain developer Solana Labs, venture capital company Andreessen Horowitz, high-speed trading shop Jump Trading and Sam Bankman-Fried’s Alameda Research.

Solana is designed to process up to 50,000 trades per second, far more than rivals including Bitcoin and Ethereum, and on par with established traditional financial services like the Nasdaq stock exchange. In January, Bank of America analysts said that Solana “could be the visa of the digital asset ecosystem”.

However, Solana has been plagued by processing problems that have tarnished his reputation. In June, the entire Solana network went dark for four hours, an outage registered The official status of the network is on the website.

Blockchain’s eponymous native currency has rolled out About 80 percent So far this year, the drops have been bigger than those sustained by its larger rivals Bitcoin and Ether.

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