Following Solana Wallet Hacks, Polkadot Ambassador And Hiro CTO Call For Action To Keep DeFi Safe
Last week, millions of dollars were hacked from Solana’s ecosystem. While its blockchain wasn’t hacked directly, hackers were able to drain funds from Solana wallets. It’s still unclear exactly how the hackers were able to access the funds, but it appears that they were able to do so by uncovering users’ private keys. Private keys are stored by users to keep their digital assets secure and the keys give access to send and use these digital assets. What Happened: Benzinga chatted with Polkadot Ambassador Bryan Chen about the Solana wallet hack and how to prevent hacks like this from happening. Chen is also the founder of the Acala Network, which is part of Polkadot. One unique aspect about Polkadot is Kusama, its financially driven network that acts similarly to a testnet before going live on Polkadot’s mainnet. Chen explained what happened to Solana. “The full picture of this is still not clear. This is a private key leaking issue instead of a smart contract or protocol bug. Exploiters were able to use stolen private keys to generate valid transactions to transfer assets from the victim’s accounts,” Chen said.