The Solana blockchain platform, described as a potential Long-term competitor to Ethereumsuffered a setback following the hack of at least 7,767 digital wallets, according to financial times.
Solana started his life in March 2020 and rose through the ranks to become one of the most promising blockchain in the cryptocurrency industry.
In September 2021, for example, Bloomberg reported that the blockchain platform — which supports many individual cryptocurrencies — had suffered a $300 billion drop in the overall market capitalization of cryptocurrencies.
What happened to Solana yesterday? Hack explained
Starting in the late evening of August 2, 2022 (US time), several organizations that monitor events in the cryptocurrency industry began tweeting about the relatively large-scale Solana hack.
Watcher Guru claimed that Governor Solana was facing “continuous exploitation”. $5 million worth of cryptocurrency has been stolen – so far – from individual wallets, he tweeted:
The story has since reached the Financial Times, which reported on Wednesday morning (UK time) that “thousands of crypto accounts” linked to the Solana blockchain had been “drained.”
How many wallets affected Solana’s hack?
According to a Financial Times report, “at least 7,767 digital wallets” have suffered as a result of the Solana hack.
In cryptocurrency parlance, “cryptocurrency wallets” are computer programs that store tokens – such as Bitcoin and Ethereum. Some wallets are physical and look like USB devices, others can be accessed via mobile apps.
Regular wallets hold cash; Cryptocurrency wallets private keysused by merchants being able to Their cryptocurrency tokens. The tokens aren’t actually in the wallets, which can be confusing for people on the outside looking inward.
Private keys prove ownership of digital tokens and allow traders to conduct transactions. But, while it may not be entirely true that tokens were “stolen” from nearly 8,000 digital wallets, it is the easiest way to understand what happened with the apparent Solana hacking incident.
Why is the incident likely to be important to the cryptocurrency industry?
There are many tokens in the Solana ecosystem. These tokens include Solana (SOL), Chainlink (LINK), The Graph (GRT), and STEPN (GMT).
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The Solana blockchain has had its ups and downs. It fell 10 percent in a 24-hour period in February after what CoinDesk called a “wormhole exploit”. It had to halt block production for seven hours in May; And in mid-June, the Cryptonomist reported “more issues with the Solana blockchain” — all before the apparent hack this week.
Solana’s USP is that it can process up to 50,000 transactions per second – more than competitors Bitcoin and Ethereum. But it also means that attacks can happen very quickly.
And while CoinDesk reports that the SOL token has maintained its price support despite the “bad optics” of a “million dollar hack,” traders have been idea float Short selling of currency. Starting a short position only works if the token loses its value in the future. So, widespread support for short selling would be a bad omen for the Solana ecosystem.
please note: Our publications do Not Show investment advice And the nothing In them should be interpreted as investment advice. The information contained in our publications is Notshould Not To read as a show or recommendation to buy, sell, or solicit an offer or recommendation To buy or sell any securities.
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