Wednesday, October 5, 2022
HomeCrypto NewsMarketSolana Exploit Tied To Slope Wallet As Community Assured That Blockchain Remains...

Solana Exploit Tied To Slope Wallet As Community Assured That Blockchain Remains Uncompromised

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Developers say the Slope wallet is the common denominator in the latest exploit.



Solana Status, in a tweet on Wednesday, reveals that all affected wallets in the exploit yesterday were at one point used or imported into the Slope wallet; while noting that it remained unclear how the attacker got access to user seed phrases, the group confirmed that the Solana network itself was not compromised.

Notably, popular Terra whistleblower FatMan, in a tweet earlier on Wednesday, said the exploit was a result of a Slope backend leak.

“The recent Solana “hack” was actually due to an accidental leak from Slope wallet’s backend (which was potentially compromised). The Solana blockchain remains unaffected. Slope will put out a statement explaining what happened in greater detail shortly,” FatMan tweeted.

Meanwhile, Slope, in its statement, while not explicitly confirming that the exploit originated from them, apologized to users of the wallet affected by the exploit, noting that staff and founders also had their wallets drained. The team urged users to move their holdings to a different wallet created using new seed phrases till the root cause of the hack is identified.

It is worth noting that on Wednesday, the Solana community panicked as Solana wallets started unexplainably draining. Notably, about 8000 wallets were affected, and about $5 million was lost in the exploit.

Users were advised to move their holdings to hardware wallets or central exchanges as they remained unaffected.

Notably, all funds were drained to 4 addresses sparking speculation of a coordinated attack. However, on-chain investigator ZachXBT noted that all four addresses were initially funded by a single address that received funding from a Binance wallet seven months ago, indicating that it could still be a single attacker.

Following the attack, FTX.US President Brett Harrison urged the community only to report the facts and not spread panic on social media. Harrison showing support for the Solana team, asserted that Solana cares for its community.

While Binance CEO invited Solana holders to store their funds on Binance for greater security:

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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