What happens next and why does it matter?
For example, in September 2021 Bloomberg reports The blockchain platform that supports many cryptocurrencies has seen the total crypto market cap fall by $300 billion.
What happened to Solana yesterday? Huck explained
Starting in the evening of August 2nd, 2022 (US time), various organizations that monitor events in the crypto industry began tweeting about Solana’s relatively large-scale hack.
Observer Guru Solana said the wallet was facing “constant exploitation”. He tweeted that $5 million worth of cryptocurrency had been stolen from his personal wallet.
The story reached the Financial Times, which reported on Wednesday morning (UK time) that “thousands of crypto accounts” linked to the Solana blockchain had “been drained”.
How much impact did the Solana hacked wallet have?
According to the FT, “at least 7,767 digital wallets” were affected by the Solana hack.
In the language of cryptocurrency, it is called “crypto wallet”. computer programs that store crypto tokens – such as bitcoin and ethereum. Some wallets are physical and look like USB sticks, while others can be accessed through a mobile app.
A typical wallet holds cash; keeps a crypto wallet private keystraders use it access their cryptocurrency tokens. Tokens are not actually in the wallet, which can be confusing to outsiders.
Private keys confirm ownership of digital tokens and allow merchants to conduct transactions. While it may not be true that tokens were “stolen” from around 8,000 digital wallets, this is the easiest way to understand what happened in Solana’s hack.
Why is this important to the crypto industry?
Solana has several tokens ecosystem. These include Solana Token (SOL), Chainlink (LINK), The Graph (GRT) and STEPN (GMT).
The Solana blockchain has had its ups and downs. This was followed by a 10 percent drop in 24 hours in February CoinDesk called “worm exploits”; that Block production had to be stopped for seven hours in May; and mid-June Cryptonomist Solana reported “more problems with the blockchain,” all before the apparent hack this week.
Solana’s USP is its ability to process up to 50,000 trades per second, which is more than its competitors, bitcoin and ethereum. But this means that attacks can happen very quickly.
And, but CoinDesk Despite the “bad optics” of the “multi-million dollar hack”, the SOL token is still maintaining its price support, traders said. idea floating about shorting currency. Initiating a short position only works if the token loses value in the future. Thus, widespread support for short-circuiting would bode poorly for the Solana ecosystem.
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