Solana has become the latest victim of hackers as more and more users reported their hot wallets (including Phantom, Slope, and TrustWallet) have been drained. According to the CEO of Ava Labs, now more than 7,000 wallets have been attacked with an estimated loss of $8 million.
The source of the hack is still unknown, but victims seem to be mainly mobile users. Hackers, somehow, gained the right to approve transactions on the behalf of users, then withdraw money in their wallet. That suggests a trusted third-party service may have been compromised in a so-called supply chain attack.
A representative of Phantom, the largest Solana hot wallet, said: “We are evaluating the incident impacting Solana wallets, and are working closely with other teams in the ecosystem to get to the bottom of this. We will issue an update once we gather more information.”
Slope also said it is working with Solana Labs and other Solana-based protocols to identify the problem and fix it. Meanwhile, some users suggested this attack was most likely related to transactions on Solana NFT marketplace Magic Eden. Solana has not yet responded to this allegation but still warns users to disconnect from their wallet and move everything to a cold wallet to avoid attacks.
It is unclear if the attack only happened on the Solana blockchain, as a TrustWallet and Slope user reported that he lost USDC on both Solana and Ethereum. The hack caused SOL, the main token of Solana, to lose 4.46% of its value.
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