The latest multi-million dollar exploit happened to the Solana ecosystem through its Phantom wallet (native to Solana). This compromise may be catastrophic, with almost every other phantom wallet getting compromised.
Several Solana addresses have been linked to the attack. The top four wallets labelled here (1, 2, 3, 4) drained at least $5 million worth of SOL, SPL, and other tokens from an unsuspecting attack that is still ongoing as users.
The attack is still ongoing as we are still waiting for updates on the investigation.
Disconnecting apps from the phantom wallet will not be enough; the safest thing to do now might send everything of your holdings to a ledger. Here are other measures you should take amidst the hack.
Amidst all the chaos, a sceptical onlooker gave his opinions on Solana. This thread makes you look beyond the news of the jarring exploits and gives you actual numbers to think twice about Solana.
So are exploits becoming a norm? Or is this a necessary step towards maturity? Depending on the time frame you are looking at, multi-million dollar exploits will not only deter investors but confidence in the crypto space. Exploits becoming a norm will also formulate a subconscious impression that crypto is not safe and may never will in the short run.
However, the dim silver lining may be the need to build continuously. Time, funding, and extensive efforts are a great mix towards constructing a better future for crypto.
[Editor’s Note: This article does not represent financial advice. Please do your own research before investing.]
Featured Image Credit: Chain Debrief