Just in: Solana Wallets Lose Over $5M in Exploit, Ethereum also Affected

• More than 8000 Solana ‘Hot ‘ wallets drained off millions in a hack.
• Solana’s value was down by 8% in the first 2 hours of the hack

Talking of hacks, The Solana network seems to be the latest in the headlines after Unknown attackers walloped away with approximately more than $5 million worth of Solana in more than 5000 ‘Hot’ wallets.

The hack is believed to have originated from Solana’s own browser wallet Phantom and rolled out to Slope and Trust wallet. The hack was still ongoing by 8:oo pm PTS.

Earlier today after blockchain audit firm Outtersec reported saying

, Over 5,000 Solana wallets have been drained in the past few hours.

A while later Ava Labs CEO updated the count to over 7000 in a tweet.

There's an ongoing attack targeting the Solana ecosystem right now. 7000+ wallets affected, and rising at 20/min. Because it's very early and the attack is ongoing, there's a lot of misinformation and speculation. So here are a few thoughts and clarifications.

— Emin Gün Sirer🔺 (@el33th4xor) August 3, 2022

In an interview with a media outlet, Etherium’s Metamask Wallet spokespersons said:

We are actively communicating with the affected wallet teams to offer our help and monitor if there is anything we can do to keep our users safer,

This comes after engineers from all over the net and different blockchains united to take a closer look at the causes of the deed and the extent of the deed.

There's also been evidence of this issue affecting ETH users, although it seems less widespread. https://t.co/RwEuI0xEhA

— OtterSec (@osec_io) August 3, 2022

On the other hand, MAgic Eden advised users on how to steer clear of the hack in a tweet telling users to consider Cold wallets.

🚨🚨🚨There seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem

Here's what you can do right now to best protect yourself
1. Go to >Settings on your @phantom wallet
2. >Trusted Apps
3. >Revoke Permissions for any suspicious links

💜

— Magic Eden 🪄 (@MagicEden) August 3, 2022

Is Solana Truly Ethereum’s Killer

Ethereum is one of the oldest and still dominant projects but has recently come under heavy competition from 2nd generation blockchain platforms. one of those leading is Solana. What advantages does Solana offer;

• Ethereum can only process 30 transactions per second (tps), while Solana can process 65,000 transactions per second(tps)
• With a market cap of $353billion  and with the second largest market cap among other cryptocurrencies, Ethereum is more popular than Solana which has a market cap of 28 million.
• Solana is best known for its cheap transaction fees while Ethereum is relevantly expensive transaction fees.
• Ethereum has kept its game up with matters concerning the transparency of its developers while Solana fails to show more transparency of its developers.

Solana is yet to reign in the arena based on its vulnerability to its outages and also security concerns such as the one at hand.

Are you Team Ethereum or Team Solana? Share your views in the comment section.