Technology

Protecting cryptocurrency assets in wake of the Solana Wallet hack

Investors using “hot” or internet-connected crypto wallets on the well-known blockchain Solana came under attack from an unidentified bad actor shortly after cross-chain bridge Nomad became the target of a $200 million cryptocurrency heist. The incident has brought up numerous concerns regarding the security provided by both the Solana network and “hot” wallets, which are fairly popular with the typical crypto investor, with cryptocurrency assets worth more than $8 million taken from about 8,000 people. While Solana’s Twitter account was quick to point out that the attack was not caused by a software compromise on the network, it also stated that its team of engineers was assiduously working with security researchers and ecosystem teams to determine the cause of this wallet attack. According to preliminary investigations, hardware wallets used by Slope were safe from this issue because they only affected the Slope wallet on the Solana ecosystem.

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