Solana Users Lament After 8,000 Wallets Get Compromised
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According to data from blockchain auditors OtterSec, over 8,000 wallets have been compromised in this ongoing attack. Several Solana addresses have been linked to this attack, with the attackers’ wallets amassing millions of SOL, SPL, and other Solana-based tokens stolen from the wallets of unsuspecting victims.
A tweet from a popular crypto enthusiast read:
“UPDATE: Over 8,000 #Solana wallets have fallen victim to the ongoing hack, with more increasing by the minute.”
At the moment, the root cause of the attack remains unknown, with community members jostling to get to the source of the problem. However, reports show that the attackers are mostly targeting mobile wallet users, with the hackers finding ways to sign transactions on behalf of unsuspecting victims. As such, a third-party service provider could have been compromised in a supply-chain attack.
The ongoing attack will trigger debates about the security and reliability of hot wallets. Hot wallets are always connected to the internet, which has its numerous advantages and setbacks. Hot wallets provide significant convenience for users, making it super easy to send and receive crypto. However, their constant exposure to the internet leaves them open to attacks from hackers. Cold wallets, or offline wallets, are considered more secure simply because they store crypto away from the internet.
Key Solana Levels to Watch — August 3
Solana has reacted, although mildly, to the increasing number of attacks on mobile wallets, with the price plummeting to the $37.45 low in the Asian session today despite a relatively quiet tone in the broader market.
That said, the ninth-largest cryptocurrency has recovered above the critical $40.00 level, paring some of the drawdowns recorded yesterday. SOL is now within an attaching range of the $47.00 target, a lofty 16% target, which could solidify a rebound from the bear cycle. With the broader market becoming more bullish by the day, what do you think Solana’s next move could be?
Meanwhile, my resistance levels are $42.00, $45.00, and $47.00, and my support levels are $40.00, $37.50, and $34.00.
Total Market Capitalization: $1.09 trillion
Solana Market Capitalization: $13.9 billion
Solana Dominance: 1.28%
Market Rank: #9
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