The world of cryptocurrencies is always a complex industry IT security is critical. Every day, there are several attacks against the medium (especially the various existing blockchains) and existing projects. Solana is one of the latest victims of these attacks.
In fact, the platform was recently attacked by hackers who used a security breach. Many users of the platform came forward on social networks to report that they have lost the entire content of their crypto wallets that were present on the Solana blockchain. It is estimated that approx 8000 on the number of wallet victims of this defect.
Although such an announcement could have a strong impact on SOL, it seems not. In fact, despite the recent hacking of its ecosystem, the Solana token has managed to remain one of the cryptocurrencies the most common in the last 24 hours.
An ecosystem hit by multiple attacks
There are attacks and hacking attempts unfortunately be in common currencies in the cryptocurrency industry. If most of these attacks fail, many succeed in causing damage that can affect the project until it is done.
As the industry is currently in the middle of a crisis, the main actors prefer to focus on the implementation of strategies to improve development to cope with this complex context. There are many projects where security issues are ignored or focused on the background. It is therefore not surprising to see people with bad intentions taking advantage of this negligence and will succeed in destabilizing the entire environment.
This is a problem that affects Solana among others, since it is indeed the second successful attack which succeeded in breaking its blockchain. In fact, the platform was already the target of the first hack in February. The latter mainly focused on protocols related to decentralized financial services (DeFi) as well as digital wallets.
After a series of negotiations with the author of the theft, the platform was still able to be recovered the sum of 320 million dollars in total. However, the theft that led to this attack caused the price of the asset to fall by 11% in 24 hours at that time.
So in the last few days, Solana’s ecosystem is further threatened by this second successful attack. Around $8 million in SOL and USDC which is in nature. The perpetrators of the attack mainly targeted the platform’s inactive wallets by exploiting a security flaw through the Fana wallet.
If such an attack could suggest that investor confidence is at an all-time low, this is clearly not the case in the end since the attack has no impact. there was no negative impact on Solana.
Better, the token platform (SOL) is living its best days today, because it is imposed during the last 24 hours as a leader in the list of trending cryptocurrencies. A significant growth spurt occurred during this period which enabled it to successfully dismantle LUNA, the token of the Terra platform which is now fifth on the list.
True resilience against hacking
The Solana platform has not seen a significant drop in price or demand for its tokens following the hacking announcements. Although it lost nearly 8,000 cryptocurrency wallets with over $8 million in digital assets. However, his there was no significant change in value.
Today at the time of these lines, the Solana platform SOL sign can be exchanged at price $40.19, ie +2.97 in the last 24 hours. In addition, the team leading the project also spoke about the recent attacks.
Its representatives say that several investigations are underway to identify the origin of the defects in order to correct them properly. Surveys seem to be more than necessary today where the value of the SOL token is expected to rise even more according to the forecasts of some bullish users on the CoinMarketCap platform.
After investigation by developers, ecosystem teams, and security auditors, it appears that the affected addresses were created, imported, or used at some point in Fana mobile wallet applications. 1/2
— Solana Status (@SolanaStatus) August 3, 2022
These indicate that SOL could trade at a median price of $250 towards the end of August. Although this amount is significant because Solana has only surpassed this amount once during its existence, especially when BTC was around $60,000.
Attacks have increased in the last few days in the crypto industry, recently it was the Nomad bridge that also suffered with high losses at 190 million dollars although white hats help return part of the amount.