Technology

Is Solana Initiating Recovery Plan After Major Hack?

The global digital asset industry woke to another hacking incident in just two days. This time Solana (SOL) network came on the radar of the hackers. SOL prices have dropped by over 5% since the news broke out. As per reports, around $8 million have been removed from more than 7500 Solana based wallets. The list of hacked wallets includes names like Phantom, Slope, and TrustWallet. This incident has made Solana the latest target of the crypto hack. However, Solana’s team has launched a survey for the 7,767 impacted wallets. It added that their engineers are still investigating the root cause. Earlier, it mentioned that engineers across multiple ecosystems are investigating drained wallets with the help of several security firms. It highlighted that there is no such evidence that hardware wallets are affected by this incident. According to Solana, the exploit has impacted Slope and Phantom wallets on both mobile and extensions. Later, it asserted that users can be encouraged to use hardware wallets. However, it added that users don’t need to use their seed phrase on the hardware wallet. While the drained wallets should be classified as compromised and abandoned.

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OODA Analyst

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