8000 internet-connected “hot” wallets were exploited, either created or used in Slope mobile wallet apps.
Hot wallets are in a hot spot as attacks are ramped up here and there across multiple markets.
Solana is among the many on the receiving end of this salvo.
More than 8,000 internet-connected hot wallets are receiving these attacks, which are still happening now.
Slope, Phanom, and trust wallets are among the hot wallets where clients or account holders complain about making transactions or draining them without their knowledge.
In simple terms, theft or hack, you name it, it all means the same. For example, the Hot wallet came under attack, and everything in it was stolen.
According to Ottersec, a blockchain auditor, the attacks are ongoing, and over 8,000 wallets are already affected or compromised.
The attacker somehow obtained the capability to illegally “sign” on behalf of the wallet owners or account holders, thereby proceeding with the transaction considered normal by the automated system.
In this light, this might lead to the assumption that a well-trusted third-party service may have been penetrated or compromised, exposing the wallet owners’ vulnerabilities.
SolanaStatus has Tweeted that many engineers on several networks noted that the bug found in the network is not connected with Solana core code but in software used in several wallets.
The attack is expected to fire up a lot of debates on the integrity of current hot wallets or the entire decentralized system. These attacks are getting bigger, faster and craftier.
Do these incidents indicate that today’s systems aren’t mature enough for the real world? So long as these kinds of attacks happen, it will always signal that decentralized finance and blockchain are still in their infancy stage and needs to grow better.
Otherwise, the system will always be an instrument of easy money for some.