It was the 3rd of August when the Solana ecosystem faced mayhem. Finally, the mayhem came to an end, and the dust settled the following day for the ecosystem.
The Solana ecosystem ended up facing an attack from the hackers where the wallets on the Solana network were compromised.
Slope Blamed for the Attacks
As things have started to settle down, the investigation teams are coming in with updates on the matter. They are sharing updates and details surrounding the exploit, which is pointing fingers at Slope.
Slope is one of the wallet providers for the Solana ecosystem, and as per the investigative data, it became the reason for the exploit.
Because of the recent exploit, thousands of users on the Solana network ended up losing their cryptocurrencies.
Solana pointed the finger at Slope
Slope is a Solana layer-1 (L1) blockchain well provider that is Web3-based. It was on Wednesday when the finger was pointed at Slope by the Solana Foundation.
Solana has blamed Slope that it was the wallet provider’s mobile wallet application that was used by the exploit. Solana claimed that using the mobile wallet application of Slope, multiple addresses were created and then imported by the exploiters to use for the exploit.
Solana Co-Founder also pointed the finger at Slope
Anatoly Yakovenko, the co-founder of Solana also went on to claim the same against Slope. He also claimed that it was due to the Slope wallets that the exploit had taken place.
He advised the Solana users that it is very important that they must regenerate a seed phrase. However, they must do it using a service that is not offered by Slope.
Through his personal Twitter profile, Yakovenko advised a Solana user to build a practice of using hot and cold wallets separately.
Initial Reports of Solana Wallet Exploits
The first instance of the wallet exploits on the Solana ecosystem was reported on Tuesday. From there, the number of complaints kept rising where the users reported that funds were drained out of their cryptocurrency wallets.
As a result of the exploit, the users ended up losing Solana (SOL). There were other cryptocurrencies that the users ended up losing from their wallets due to the exploit.
According to an estimation, more than $8 million were stolen by the exploiters from more than 8,000 wallets.
The investigation is still ongoing on the matter as Solana teams are still trying their best to find the underlying cause of the exploit.
At the time of writing, the trading price of Solana is $44.67 and it has experienced a 0.04% dip in the past 24 hours. So far, it is factors such as positive CPI and NFP results that have kept Solana from facing a huge dip in its value.