Solana ($SOL) Is the ‘Most Underrated Token', Says Crypto Billionaire Sam Bankman-Fried

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.

Timeline of Solana

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.

Following the Solana wallet attack, the Solana Status team updated the public and detailed that the wallet addresses affected by the breach were tied to Slope mobile wallet applications. The team further stressed that “there is no evidence the Solana protocol or its cryptography was compromised.

Solana's price is in a bad shape after thousands of wallets were drained of their assets due to an exploit. Key Support levels: $35, $27 Key Resistance levels: $44, $59 Solana's headaches seem to have no end, from network halts to now an exploit that allowed hackers to drain funds using private keys.

Solana was the victim of a $6 million heist that cleared out over 8,000 wallets in the early hours of 3 August. The exploit happened the day after the cross-chain bridge, Nomad, was lost to another hack to the tune of $190 million.

Security researchers at Otter claim they have pinned down what may have caused the Solana wallet breach. The post Slope wallet provider saved user seed phrases in plain text, Solana security researchers find appeared first on The Block.