Cryptocurrency

Solana collapses after a theft of more than 5.8 million dollars in multiple wallets

It was speculated that they were hackers although the main cause is unknown

Late Tuesday, the Solana cryptocurrency ecosystem came under attack. As of early Wednesday, more than $5.8 million has been stolen from thousands of “hot” wallets, those that remain connected to the internet at all times, including Phantom, Slope and TrustWallet, according to sources at ‘Fx Empire’.

Twitter users speculated that the hackers had access to users’ private keys, thus giving them access to the wallet. The exact cause of the attack remains unknown, though.

Some cryptocurrency commentators raised the possibility that a trusted third-party service could have been exploited in a “supply chain attack.” The hacker would also have targeted wallets that had been dormant for more than six months and had previously used a now-dormant “auto-approval” feature.

A spokesperson for Phantom, the developer of the most widely used Solana wallet, told cryptocurrency media that “we are evaluating the incident affecting Solana wallets and working closely with other teams in the ecosystem to get to the bottom of this.” .

Prominent members of the cryptocurrency community urged Solana users to send their hot wallet holdings to a hardware wallet to protect themselves from attacks. Hardware wallets, sometimes called “cold wallets” or “cold storage,” must be physically connected to a computer in order to sign transactions and are considered more secure than hot wallets.

Solana Developers Sued For Illegally Profiting From SOL Token

According to the indictment, the defendants benefited at the expense of the capital of individual investors

Key members of the Solana ecosystem have been sued last week in a California court. They are accused of illegally profiting from solana, the blockchain’s native token which, according to the lawsuit, is an unregistered security, according to “AMB Crypto” sources.

The aforementioned lawsuit described solana as a highly centralized cryptocurrency, favoring its insiders at the expense of regular traders.

In violating federal securities laws, Solana Labs, its foundation, co-founder Anatoly Yakovenko, Multicoin Capital Management, Kyle Samani, and FalconX are all responsible, according to various sources.

The California district court received the class action filing. It states that the defendants advertised the allegedly unregistered securities and offered solana as security without filing any registration statement.

Similar accusations of securities violations have been made against numerous other cryptocurrency companies years ago. In this particular case, the plaintiff alleges that he has suffered loss and is obliged to sue as a direct result of it.

According to the petition, solana is a centralized cryptocurrency that the defendants profited from at the expense of individual investors’ capital. None of the defendants have yet responded to the lawsuit with a statement.

Economy.- The IEAF elects Lola Solana, head of ‘small caps’ funds at Santander AM, as its new president

The Spanish Institute of Financial Analysts and the Foundation for Financial Studies (IEAF-FEF) have elected Lola Solana, head of small caps funds at Santander AM, as the new president, making her the first woman to hold the position in the 57 years of activity that the institution has.

The until now president, Jorge Yzaguirre, leaves the presidency after six years in office, the limit established in the organization’s statutes. Solana has been a member of the IEAF board of directors since 2011 and has also worked at Barclays, although she has been working for Santander AM since 1989.

Likewise, the IEAF has partially renewed its board of directors with the addition of two new vice presidents: the financial and operations director of Zurich Spain, Margarida Gabarró, and the director of strategic planning and studies and chief economist of CaixaBank, Enric Fernández.

As incoming members, the analyst of Renta4 Banco, Natalia Aguirre; Rafael Garcés, from Audax Renewables; María José Yubero, from the CNMV; Gregorio Izquierdo, from the Institute of Economic Studies, and Antonio Losada, from CA Indosuez Wealth Europe.

The Solana network suffers the hacking of 7,700 ‘wallets’

The Solana network has suffered the hacking of 7,767 digital purses or ‘wallets’, as announced by the Solana Foundation organization, which has assured, through the social network Twitter, that the malicious action has not affected its ‘core’ code.

The organization has reported that there appears to have been a virus in the software used by some of the user’s wallets, while its engineers and other security companies are working to get it back to normal.

Industry sources have indicated that this attack would have an impact of around five million dollars (4.9 million euros) in Solana tokens. Analysts from the Swiss bank Julius Baer have pointed out that the Solana network was created in a faster and cheaper infrastructure alternative to ethereum.

Saad Ullah

An engineer with a passion for innovative technology, blockchain has been a natural attraction. More than a decade of experience in handling HR, HSE and IT management systems for FMCG companies. Currently pursuing Masters in Business Administration.

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Saad Ullah

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