August 10, 2022

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Solana governor 'drained' in blow to crypto network

Solana governor ‘drained’ in blow to crypto network

Thousands of crypto accounts linked to the Solana blockchain have been “dried up” in a blow to one of the largest networks in the digital asset market.

Solana and several other blockchain-related platforms were investigating Wednesday morning the exploit of a vulnerability in their system that affected at least 7,767 digital wallets, which are computer programs that store crypto-tokens for traders, according to one of Solana’s Twitter accounts.

This exploit represents a setback for Solana, which is widely regarded as one of the most promising blockchains in the crypto industry. The digital ledger It has been touted as one of the long-term potential winners in the cryptocurrency industry because it is designed to handle thousands of trades per second.

“Engineers from multiple ecosystems, with the help of several security firms, are investigating the drain on Solana’s wallets,” the group said on Twitter.

She said that wallets that allow traders to hold their coins offline instead of using online applications, did not appear to be affected.

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Critical intelligence about the digital asset industry. Check out the Financial Times coverage here.

Phantom, a wallet app based on Solana, and Solana’s marketplace for non-fungible tokens Magic Eden were among the providers who said they were affected in the apparent hacking incident.

Solana Labs, developer of the Solana blockchain, is backed by large groups in the traditional and cryptocurrency markets including venture capital firm Andreessen Horowitz, high-speed shop Jump Trading, and Sam Bankman-Fried’s Alameda Research.

Solana is designed to process up to 50,000 transactions per second, a metric that far outstrips competitors including Bitcoin and Ethereum, and on a par with established traditional financial services such as the Nasdaq. In January, Bank of America analysts said Solana “could become a digital asset ecosystem visa.”

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However, Solana suffered from processing glitches that tarnished its reputation. Solana’s entire network was darkened for four hours in June, and the power was out Documented On the network’s official status website.

The original cryptocurrency named blockchain has plummeted Nearly 80 percent So far this year, it’s bigger than the declines of its larger rivals bitcoin and ether.

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