CRYPTO NEWS

8000 Plus Solana Wallets Drained Of Their Life Time Savings

A market wrecking cyberhack has hit the ninth biggest blockchain Solana (SOL). The current statistics report that roughly 8 million funds have been drained across several Solana wallets. This was confirmed by Solana taking Twitter to announce the extent of the security exploit that began on Tuesday.

According to Solana, which is still looking into the attack, the source of the exploit has not yet been found. However, according to Austin Federa, the manager of communications for Solana, it appears to have affected “a software dependency shared by multiple software wallets.”

Binance revealed that users’ assets had been stolen as investors panicked and analysts raced to figure out what had happened.

Mainly, merchants using the digital wallets Phantom and Slope complained that their funds had been syphoned off. Both wallet providers confirmed that they were looking into the matter.

The hack has impacted popular Solana wallets including Phantom, Slope, and TrustWallet. Both the web and mobile can be used to use a hot wallet.

Buy Solana Now

Your capital is at risk.

Who Is Behind Solana Hack?

According to a tweet from SolanaStatus, engineers from several networks have discovered that the fault is not related to the core Solana code but to software used by several software wallets.

Tuesday night saw a continued lack of clarity regarding the attack’s precise origin, but it appears to have mostly affected users of mobile wallets. A reputable third-party service may have been compromised in a so-called supply chain attack if the attacker acquired the capacity to sign transactions (i.e., initiate and authorise them) on behalf of users.

Solana Hack

We are investigating the Solana wallet incident and coordinating with other teams within the ecosystem to find out what happened. Once we have more information, we will release an update” (@phantom), Phantom spokesperson, the biggest Solana hot wallet, said in a statement. “We do not currently believe that this is a Phantom issue.”

Although this link became less evident as the attack widened, several users were first under the impression that the hack might have something to do with transactions on Magic Eden’s Solana-based NFT marketplace.

The Nomad Bridge incident, in which the attacker got off with around $191 million, happened the day before the hack on the Solana ecosystem.

Hack Not Limited to SOL and Phantom

The attack spreads, indicating compromised private keys, a more concerning subject. If this is the case, wallet owners have few options for preventing money theft.

As reports are coming out, it became clear that the hack was not just for SOL and Phantom wallets. Some also reported their USDC holdings to be going down recently. Recent tweets from OtterSec indicate that hackers also focus on other wallets, including TrustWallet, Solflare, and Slope.

The hack will unavoidably revive a long-running discussion about the safety of hot wallets, which users use to send, store, and receive cryptocurrency and are always online. Cold wallets are hailed as a more secure, albeit less practical, option. These USB devices must be plugged into a computer to sign transactions.

According to Vikram Subburaj, CEO of Giottus Crypto Platform, 8,000 wallets from hot wallets connected to the internet have been compromised, and the attacker appears to have mistakenly obtained the mandate to “initiate and authorise” transactions.

The most recent attack has revived the long-running debate over the security of hot wallets, which are always online and give users a simple way to transmit, store, and receive cryptocurrency.

Customers, investors, and traders would be wise to move to reputable exchanges that offer many layers of security. Additionally, they might employ hard wallets to stay away from third-party wallets,” the CEO added.

How To Protect Yourself From Solana Hack

Here are the three steps for you

Step 1: Write It Down Rather Than Typing It Down

The first and most crucial step in creating a new wallet is to keep your seed phrase private because it serves as the key to your wallet.

Now you ask how to store your seed phrase properly. Writing it on paper is the answer and not on your devices; never write it in a note or document, never drop it by air and never copy or paste it because doing so necessitates storing the information on the cloud.

Your wallet is at risk if your seed phrase is discovered. Maintain security by keeping it off of digital devices and the cloud.

Step 2: Create 4 Wallets For Safety Walls

You have a variety of wallet alternatives inside the Solana ecosystem, including Phantom, Sollet, and Solflare. Make 4 distinct wallets, each with a unique key phrase (not just a new wallet in the same Phantom wallet).

You can also go for eToro wallet as it offers the best in class safety and security to its users.

Step 3: Use Tools To Secure Solana

We advise these security tools created by your Famous Fox Federation and Joe Shmoes friends to provide extra layers of security to your protection.

Many tweets have advised moving your ledgers into cold storage for preventive purposes.

Current Solana Statistics

The current price of Solana is 40.23 USD with a twenty-four-hour trading volume of around $2 billion. SOL price is down -2.6 per cent in the last 24 hours. The market cap is 13 billion USD, with a circulating supply of 346 million.

Buy Solana Now

Your capital is at risk.

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Interview with Dr. John McAlane, Bournemouth University, on crypto addiction

This Q&A is the full interview with Dr John McAlane. For our deep dive into cryptocurrency trading addiction, with contribution from the full panel of experts, please see this article.  Below is an interview with Dr. John McAlaney – Chartered Psychologist, Chartered Scientist and Professor of Psychology at Bournemouth University. This is the full transcript of::Listen

This Q&A is the full interview with Dr John McAlane. For our deep dive into cryptocurrency trading addiction, with contribution from the full panel of experts, please see this article. 

Below is an interview with Dr. John McAlaney – Chartered Psychologist, Chartered Scientist and Professor of Psychology at Bournemouth University. This is the full transcript of our interview, quotes from which were published in our main article on the topic here. 

For an in-depth deep dive into the topic of cryptocurrency trading addiction, and its links to gambling, please follow that link. As for Dr John McAlane’s full interview, please see below.


CoinJournal (CJ): Do you think there are similarities between crypto trading addiction and gambling addiction? If so, could you please name the most notable ones?

Both cryptocurrency and gambling share a degree of risk. This is something that people can find exciting and can draw them into the behaviour. In addition, both gambling and cryptocurrency can involve a degree of skill, and in turn can result in profit. 

For example, a skilled, professional poker player can make enough money from poker that it becomes the main source of their income. Similarly, someone who has expertise in cryptocurrency may be able to make a living from trading – but in both cases it is only a minority of people who are successful.   

 

CJ: In your opinion, what is it that makes activities such as trading so addictive? 

As humans we have evolved to be motivated by rewards. This is one of the ways in which we learn how to function in society. It is also one of the reasons that behavioural addictions exist – we do something and get rewarded for it in some way, which motivates us to do it again. We are also driven to be curious, and to take some risks. This helps us explore or social world. Trading combines both of these processes. 


CJ: What are your thoughts on influencers who, in return for a fee from the founders, promote obscure cryptocurrencies to their followers with little knowledge of how it works – do you think this is problematic? 

We are all social creatures, although we often underestimate how much we are influenced by those around us. This is especially so in many cultures, where we take pride in being individuals. We also tend to assume that others know more than we do, if those others act in a confident and knowledgeable way. 

This means that people may pay attention to influencers based on how that influencer presents themselves; rather than basing their judgment on how much that influencer objectively knows about trading.


CJ: In your opinion, would the daily volatility of crypto prices impact mental health, as people see their investments go up and down so widely each day? 

Although a degree of risk can be enjoyable we also like to have some consistency in our lives – in others we can cope with a degree of unpredictability, but only up to a predictable level. Continually going through periods of volatility and uncertainty may cause feelings of anxiety in individuals, which could impact on their mental health.  

CJ: Research on crypto trading addiction is still limited, do you think the need for this is likely to grow in future? 

This is very likely. Crypto trading is a new behaviour, and new behaviours always capture the attention of researchers. This is especially the case if there is any suggestion that the behaviour in question is one that may cause harm to either the individual or others.

 

CJ: Do you believe the cryptocurrency industry should be doing more to promote safe investing and addressing the problem of addiction?

In other industries such as the gambling industry or the alcohol industry it is expected that companies will engage in what is called corporate social responsibility, in which they promote the safe use of their products, albeit there are often debates about whether these industries are doing as much as they could do. This is sometimes reinforced through legislation. 

The cryptocurrency industry potentially has an advantage in this as, in theory, it is easier to track online behaviour than it is to track offline behaviour such as alcohol use. This means there is potential to more quickly identify people who are experiencing problems and also to deliver personalised support. 

However, this does require a coordinated effort by the industry. If an individual with an addiction believes that one crypto company is restricting their actions then they can go to another company. 


CJ: Conventional gambling is restricted in many territories to consumers 18 and over. Do you believe there should be a similar rule within cryptocurrency, in order to protect younger, more impressionable minds from potential addiction?  

Yes, I believe trading should be limited to those aged 18 and over. However, we have to acknowledge that this is extremely difficult to regulate. I would also say that the type of person who becomes interested in crypto currency is quite often the kind of person who understands and knows how to circumvent computer systems.

 

CJ: If I can push you for a yes or no answer, do you believe the world would be a happier place without gambling?  

I don’t believe so. The majority of people who gamble do so in a way that is safe, responsible, and enjoyable Those who develop gambling addictions are often experiencing issues in their lives that underlie their addictions. If it weren’t gambling, their would likely demonstrate addiction to something else. 

 

CJ: Similar to the above question, would the world be a better place without cryptocurrency investing? 

I doubt it. Cryptocurrency arose from individuals looking to find new ways to deliver financial transactions. This curiosity about how systems work and how they can be changed is a fundamental aspect of what it is to be human. The world would be very dull if people always accepted the status quo.


CJ: What advice can you give people who are interested in trading crypto, who may be predisposed to gambling-related addictions? 

Anyone who is aware they may have a gambling problem probably already knows that they should avoid activities such as crypto trading. If they do decide to get involved then they should be mindful of their own behaviours and thoughts, and look out for red flags such as chasing losses, lying about their behaviour to others, or experiencing guilt or remorse over their actions.

The post Interview with Dr. John McAlane, Bournemouth University, on crypto addiction appeared first on CoinJournal.

8000 Plus Solana Wallets Drained Of Their Life Time Savings

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