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DeFi News

Hack on Solana Ecosystem Traced back to Slope Wallets

Slope is engaged with "developers, security experts, and protocols from throughout the ecosystem to work to identify and rectify" the situation.

Written By:
Rajpalsinh

Last updated: August 4, 2022 3:27 PM
Published August 4, 2022 3:27 PM
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Last updated: August 4, 2022 3:27 PM
Published August 4, 2022 3:27 PM
Hack on Solana Ecosystem Traced back to Slope Wallets

After digging deep into the hack launch on Solana blockchain and investigation, it revealed on Twitter that compromised addresses “were at one point created, imported, or used in Slope mobile wallet applications.” 

This exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.

While the details of exactly how this occurred are still under investigation, but private key information was inadvertently transmitted to an application monitoring service. 2/3

— Solana Status (@SolanaStatus) August 3, 2022

The investigation was done by Developers, ecosystem teams, and security auditors, according to @SolanaStatus on Twitter.

Earlier, the company blamed the software used by “several software wallets popular among users of the network.” Solana blockchain refused to believe that hacking became possible due to bugs present in Solana Core code.

But now, Solana is directly pointing the figure towards Slope and citing it accountable for the misshapen on their platform.

On August 3, Solana Ecosystem suffered a hit of a multimillion Dollar hack across different platforms.

“While the details of exactly how this occurred are still under investigation, but private key information was inadvertently transmitted to an application monitoring service,” the group stated in a tweet. 

Slope accepted that a cohort of its wallets were compromised in the breach, although it hasn’t mentioned the origination of the breach. The platform suggested users to create a new seed phrase wallet and transfer their funds into it. 

Slope is engaged with “developers, security experts, and protocols from throughout the ecosystem to work to identify and rectify” the situation. 

“We are still actively diagnosing, and are committed to publishing a full postmortem, earning back your trust, and making this as right as we can,” Slope said.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Rajpal Singh - Former Crypto Journalist at The Crypto Times
By Rajpalsinh
Meet Rajpalsinh, a Content Writer at The Crypto Times, where his magical hands, with over 2 years of experience, transform the cryptic world of crypto into laughably simple tales.

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