Solana wallet provider Phantom says its systems were uncompromised in $4 million hack

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.

Timeline of Solana

Set to develop on the Solana Chain, SolMad is an NFT collection in the Solana-verse where nomads travel in search of community, land and resources to keep themselves alive against the threat of extinction, global warming and natural disasters. SolMad will take its users on a journey of community-driven collaboration, collective building and togetherness.

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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.

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.