At Least $4 Million Worth of SOL and USDC Stolen from Users’ Wallets

03.08.2022 12:54
by Gabriel Cross
1 min read

In a hacker’s attack originating on the Solana Phantom wallet, thousands of people have lost their SOL and USDC crypto funds. The value of the stolen crypto is estimated to be between $4 million and $6 million.

According to Watcher Guru, some 8,000 wallets were hit. The attacker used crypto traders’ private keys to transfer the funds, but the exact details about how the hack was pulled-off are still unclear. A respected crypto author and analyst, 0xfoobar, is suspecting an upstream dependency supply chain attack.

The Phantom Wallet team is working with other Solana departments to patch the exposed vulnerability in the system.

The value of Solana immediately plunged following the news. According to CoinMarketCap, two hours after the attack its price dropped by 8%, amounting to $38.28. Currently, it sits at $39.29 – a slight improvement.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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