Solana Hack 👩‍💻

Solana Hack

The cryptocurrency space has become gloomy and dangerous during 2022. Once considered a hedge for the stock market, tokens have fallen further than the indices as the current interest-rate environment have been unfavorable for them. A lot of terrible things have happened, like the collapse of renowned stablecoin TerraUSD and the crypto firm Celsius which renewed negative interest in the space. This has all contributed to high levels of tension, but things are starting to pick up with crypto tokens like Ethereum up 65 percent from highs.

These gains might have to halt for a bit though as we received news of the latest cyberattack in the crypto world. Hackers seized Solana holdings from more than 7,000 wallets in the ecosystem, according to the Solana Foundation, and security firms believe the total value of assets stolen amounts to around $8 million. Solana is an up-and-coming cryptocurrency that currently has the 9th largest market cap in the space, and for good reason. The Solana blockchain is viewed as one of the main alternatives to Ethereum due to its energy efficiency, and major venture firms have poured upwards of $300 million into Solana tech. Solana’s sol token has fallen 4 percent since news of the hack came to the public, and it puts the De-Fi space in a messy area when it comes to regulatory concerns. Crypto experts are saying that the issue is with wallet software instead of the blockchain itself, and they are confident this was not linked to other incidents. That’s right, just yesterday, there was a $200 million hack of the Nomad blockchain, and this was a second blow. This is not a good look, and it could lead to some bad things for the industry.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

Share:

More Posts

Load More
Get your daily Invstr Crunch

Get the market news and updates you need, delivered to your inbox or available on our daily podcast.

Facebook Twitter Youtube Instagram Snapchat Tiktok
learn
products
plan
Who we are
blog

Risk Disclosure:

Invstr is not a bank and banking services are provided by Vast Bank, N.A.

Brokerage and Banking services are currently only available to U.S. residents.

Invstr app and web services are provided by Invstr Ltd. Advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC) details of which can be obtained here. Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value.

Investing involves risk and can lead to losses. Past performance does not guarantee future results.

Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

Watchlists provided when users first access the service are not a recommendation to invest. Instead they are provided to help users better navigate the service. Users are free to edit and create their own watchlists. From time to time, Invstr will suggest instruments solely based on an individual’s interest and the interest levels of the Invstr community.The statistical and portfolio builder models generated by Invstr do not reflect actual investment results and are not guarantees of future results.Comments provided by Invstr leaders, influencers or members of the Invstr Community are not recommendations and should not be construed as such.Invstr does not endorse the content or the positions posted by them. Their investment approach, and that of the models provided by Invstr, may be different from yours and may not be appropriate for you.