Solana Wallet Phantom Says $4,000,000 Hack Not Related to Vulnerabilities in Its System

Solana (SOL) wallet Phantom says that the $4 million exploit that affected over 8,000 users last week doesn't appear to have anything to do with its infrastructure. According to Phantom, an investigation launched into the hack unveiled no evidence that its system was compromised during the exploit.

Timeline of Solana

Price movement for Solana (SOL) looks outright bullish but at the same time sluggish as it's unable to keep up with buyer demands.   Solana is currently trading sideways forming an ascending triangle pattern.

Phantom has clarified that its systems were not compromised during the wallet exploit. The post Solana wallet provider Phantom says its systems were uncompromised in $4 million hack appeared first on The Block.

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Solana is unable to break past the $40 level because of consolidation, and the price appears to be fluctuating because of this. The altcoin recently suffered a setback when an exploit caused the assets in thousands of wallets to be stolen.

The Solana price analysis reveals the bullish momentum is at its peak today, as the coin value has increased significantly. The SOL/USD price has been recovering since 04 August 2022 as bulls are successfully maintaining their lead, and the momentum accelerated today as the price spiked to $42.4.

Even as the Solana Foundation management tries to figure out the exact reasons behind the recent hack, the SOL price has on Friday recovered partially. On Thursday, it was said that the issue originated from Slope mobile wallet applications.

In this episode of The Scoop, Solana Labs co-founder and COO Raj Gokal discusses his early impression of Solana Spaces, as well as the innovation and experimentation that is occurring across the Solana ecosystem at a "breakneck pace." The post How Solana is bridging the gap between web3 and the physical world appeared first on The Block.

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.

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.