Solana and Slope Wallet users depleted due to suspected exploitation

Solana and Slope Wallet users depleted due to suspected exploitation
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  • Phantom Wallet Users Complain About Funds Being Drained Without Their Consent
  • Several commenters point to an exploit related to the NFT Magic Eden wallet or market

Users of Solana, Phantom and Slope digital wallets claim that millions have been stolen due to an unknown exploit linked to the associated trustworthy wallets or apps.

According to multiple users and market participants, the exploit on the Solana network or through native wallets is depleting user funds despite being logged out of web browsers or making transfers. The exact details of the exploit are not yet known.

“We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem,” the Phantom team told Blockworks. “At this time, the team does not believe this is a Phantom-specific issue.” The exact amount stolen from users’ wallets is not yet known.

Users said that they are receiving notifications that they are sending tokens to an unknown set of addresses. The total amount of funds drained so far is suspected to be over $6 million in SOL from over 7,760 wallets. Blockworks could not immediately independently verify the total amount taken.

Users of the web-based cryptocurrency wallet Earring are also reporting incidents of an exploit. The attacker is claimed to be getting away with SOL and Solana Program Library (SPL) tokens.

One user, under the handle @Paladin on Twitter, told Blockworks that multiple people familiar with the situation had their wallets “randomly emptied.”

“They lost thousands and most of their money, so they’re pretty depressed,” they said. “Move the coins to a ledger and take all trusted websites offline.”

paladin noted two length wallet addresses suspected of belonging to the operator, which have a combined balance of approximately 37,777 SOL (US$1.5 million). A third walletwith approximately 2,402 SOL ($95,000) he continues to see funds drained to his address as a result of exploitation, Paladin said.

The exploit appears to be affecting all Solana-based tokens with recommendations to move coins to a ledger, revoke trusted apps like the Magic Eden NFT marketplace, or block them through staking.

DeFi and NFT related hacks and exploits continue to rise. Last month, Blockworks reported that hacks totaled more than $1.2 billion for the first quarter of this year alone in what appears to be an increase in frequency for the fledgling sector.

The ongoing attacks “are fundamentally an unsolvable problem,” Immunefi CEO Mitchell Amador told Blockworks in an interview at the time. “We knew that things were going to go in this direction. Volatility is part of cryptocurrencies, the amount of money that was flowing was going to increase.”

Updated August 2, 2022 at 11:40 PM Update the response from the Phantom team.

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  • Sebastian Sinclair


    Senior Reporter, Asia News Desk

    Sebastian Sinclair is a senior news reporter for Blockworks operating in Southeast Asia. He has experience covering the crypto market as well as certain developments affecting the industry, including regulation, business deals, and mergers and acquisitions. He currently has no cryptocurrencies. Contact Sebastian by email at [email protected]

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