Ongoing Solana-based wallet hack has already seen millions drained

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A security vulnerability affecting the Solana ecosystem has reportedly seen the withdrawal of millions of funds across multiple Solana-based wallets.

At the time of writing, Solana (SOL) is currently trending on Twitter as there are countless users. Reporting Warn anyone with Solana-based hot wallets such as Phantom and Slope wallets to transfer their funds to a cold wallet in case they are hacked, or are reporting losing funds themselves.

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So far both Phantom and Magic Eden have commented on the issue, with wallet provider Phantom noting that it is working with other teams to get to the bottom of the issue, although it says it “doesn’t believe it”. that this is a sprite-specific issue” at this stage.

magic eden Confirmed The report added that “there appears to be a widespread SoL exploit in the game that is decimating wallets across the ecosystem” as it asks users to revoke permissions for any suspicious links in their Phantom wallets.

Twitter user @nftpeasant is closely following the incident, and according to their research via SoulScan, approximately $6 million worth of funds have already been withdrawn from the Phantom Wallet during a 10-minute period on August 2. In one instance it appears to be a Phantom Wallet. $500,000 worth of USDC was withdrawn from the user’s account.

Popular scam detective and self-described “on-chain sleuth” @zachxbt also did some digging and told his 274,800 followers that the hackers initially funded the primary wallet associated with the attack through Binance seven months ago.

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The transaction history shows that the wallet remained dormant as of today before hackers transacted with four different wallets 10 minutes before the attack began.

It is unclear at this stage whether the hack is ongoing, where it originated and if more user funds are still at risk. However in response to @zachxbt’s post, user @cryptojpeg noted that:

“Only 13 txn of which 3 are solana deposit txn and 1 is drain txn, so basically one of these 9 txn made the wallet vulnerable to drain if it is not related to anything else.”

Cointelegraph has contacted Phantom for comment on the matter, and will update the story if the firm responds.