Solana ecosystem hit by hack draining millions in crypto from 8,000 hot wallets

Illustration by Alex Castro / The Verge

Hackers have targeted the Solana ecosystem, draining crypto funds from thousands of “hot” wallets connected to the internet. Such attacks are common among blockchain platforms, but the news is still significant given the praise Solana has attracted as one of the faster and cheaper ecosystems for trading digital assets.

It seems hackers have been able to steal both Solana’s own cryptocurrency (SOL) and some compatible with the Solana blockchain, like the stablecoin USD Coin (USDC). As the attack is ongoing, the value of the assets stolen is not clear, but reports from independent analysts and security firms like PeckShield estimate the losses are worth as much as $8 million.

Solana has struggled with security incidents in the past,…

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Author: James Vincent