Hackers Target Solana Ecosystem

On Wednesday, hackers targeted Solana wallets, dealing a new heat to the cryptocurrency market just a few days after bridge protocol Nomad was attacked at the start of the week.

According to the latest reports, over 8,000 internet-connected hot wallets have been targeted so far. The source of the attack, as well as the total value of the assets stolen, remain unknown. However, four Solana wallet addresses drained approximately $8 million from victims, according to security firm PeckShield, reported Bloomberg.

The security incident has drained more than 8,000 wallets of their SOL tokens and USDC stablecoins.

There is an active security incident on Solana. Many (7000+ and counting) wallets are drained of SOL & USDC. Don't know root cause yet. Maybe permissions granted to appsm,

Binance CEO Changpeng “CZ" Zhao said on Twitter.

Solana’s token SOL fell more than 7% to $38 in the last 24 hours, its lowest price in a week. Later this day, the token started to climb back, however.

Solana is a new blockchain supported by a token of its own that works as the gas to confirm the transactions on that blockchain. There have been numerous hacks on the wallets supporting this token,

said Sathvik Vishwanath, Co-Founder and CEO, Unocoin.

Solana’s security trouble comes days after Nomad lost close to $200 million in a security exploit on Monday.