SOL Loses $40 After The Exploit – What's The Next Support?

Solana's price is unstable following an exploit by hackers draining funds with the use of external applications. Around 8,000 wallets were hacked from Phantom and Solana, with roughly $8 million stolen from users.

Timeline of Solana

An investigation led by CoinDesk has revealed that two brothers — Ian Macalinao and Dylan Macalinao — used pseudonymous developer profiles to inflate the TVL on Solana by $7.5 billion. The post DeFi Sybil attack created $7.5B fake TVL on Solana from ‘anon' developers appeared first on CryptoSlate.

Solana crypto hack, could be written off as a tax loss according to some. According to tax experts, U.S. investors will lose out on the opportunity to claim hacked cryptocurrency as a tax loss, while Australian, Canadian, and U.K. crypto investors may be able to do so.

Solana platform ever since the beginning of 2022 has been prone to multiple security breaches and hacks. Despite the concerns over the performance of the platform, the SOL price maintained a consolidated trend ever since the asset rebounded from the bottoms in mid-June.

Cryptocurrency billionaire Sam Bank-man Fried (SBF), co-founder and CEO of popular digital asset trading platform FTX, has revealed he believes Solana ($SOL) is the “most underrated token right now” even as the network deals with an exploit that affected nearly 8,000 wallets.

Earlier this week, the Solana ecosystem suffered a massive attack that affected nearly 8,000 wallets, which resulted in the loss of users' funds. Prior to the hack, the blockchain had also in the past experienced numerous network downtimes.

Solana's [SOL] immediate ceiling in the $43-$46 range has constricted the buying efforts over the last two weeks. The reversals from this range have reignited the near-term selling edge.

The multimillion-dollar Solana Wallet hack has been traced back to a private key exploit tied to the Slope mobile wallet app.  Solana Fingers Slope Wallet For Attack Investigations into the large-scale exploit that targeted the Solana Wallet has revealed that private key details were “inadvertently transferred” to a third party on the Slope Finance network.

Solana (SOL) struggles to break key resistance after it suffers a huge loss on a hot wallet hack, losing over $5M creating so much panic in the heart of many faithful.  The price of SOL looked strong in the early part of the week, trading above $40, trying to break the resistance before having an attack on some wallets drained more than $8 million from Solana users.

The Solana ecosystem is in the middle of a security emergency as over 7000 wallets were drained by and ongoing hack, and the figure seems to be rising. Cointelegraph reported on Tuesday that an ongoing widespread Solana wallet compromise was on display, with damage accounting for million dollars.

Following an intense 24-hour period, security researchers and Solana Labs engineers have linked the recent hack of specific Solana-based wallets to a critical bug in one wallet service provider. Slope Finance developers mistakenly shipped a code that allowed user-generated seedphrases to be transferred to a malicious actor in plain text.