Solana Hack 👩‍💻

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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.

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