Millions drain as Solana-based hack creates concerns over security

Millions drain as Solana-based hack creates concerns over security.jpeg

Millions drain as Solana-based hack creates concerns over security

Millions of dollars have apparently been syphoned off of wallets using the Solana platform due to a security flaw.

Numerous users are either reporting on the hack as it happens or claiming to have lost money themselves, making Solana (SOL) the current trending topic on Twitter (TWTR). Users are advising anyone with Solana-based hot wallets, such as Phantom and Slope wallets, to move their money into cold wallets.

Magic NFT marketplace Eden advised users to deactivate access for any strange connections in their Phantom wallets because there appears to be a widespread SOL exploit at work.

Wallet providers with Solana offices, such as Phantom and Slope, as well as the non-fungible token (NFT) market Magic Eden are among others who have made comments on the problem. Phantom, a wallet provider, said that it is collaborating with other teams to find a solution.

The transaction history reveals that the wallet was inactive until today, at which point, 10 minutes before the attack began, the hackers made transactions with four separate wallets.

Additionally, there have been conflicting claims about the number of wallets impacted and the current severity of the harm.

Magic Eden acknowledged the accusations and urged users to deactivate permissions for any dubious connections in their Phantom wallets, claiming that there appears to be a widespread SOL hack at work that is depleting wallets across the community.

Although there haven’t been any significant developments yet, the slope is now collaborating with Solana Labs and other Solana-based programs to identify the problem and fix it.

Publisher of textbooks Pearson has disclosed its intentions to “diminish the secondary market” for its digital textbooks by tracking sales of those books using non-fungible tokens (NFTs).

The CEO of Pearson intends to use NFTs in the company’s digital textbooks in order to better track sales and recoup money that was previously lost to the used book market.

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