Solana falls victim to an exploit

The Solana network is under pressure. An exploit reportedly siphoned funds from nearly 8,000 wallets.

The Solana-network is under pressure. An exploit reportedly siphoned funds from nearly 8,000 wallets. The attack is ongoing.

An attacker has used an exploit on Solana-based hot wallets to pull in about eight million U.S. dollars so far. At the time of writing, funds had been moved from just under 8,000 Solana wallets. The providers Phantom and Slope were hit the hardest, while the attack is ongoing. They advised users to move their assets to hardware wallets. These are not affected by the exploit.

Several teams are currently working with security experts on a fix. Emin Gün Sirer, CEO of Ava Labs, posted on Twitter that the attacker had "likely" gained access to private keys. Every minute, about 20 Solana wallets are affected.

The Solana exploit has also weighed on the price of the altcoin. At the time of writing, SOL is a little over 4% lower.

In the past there have been several issues with the "high-speed" blockchain. One of those problems was that the Solana network kept going down.