Solana Hack Slope

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Slope wallets are accused of being the step-stone for the Solana wallet attack

Solana Hack Slope
Image Credit: CRYPKYP
1659605784 04 Aug / 09:36

Slope, a supplier of Web3 wallets, has been linked to the recent breach of Solana-based wallets. As the dust settles from yesterday's Solana ecosystem chaos, evidence emerges that wallet provider Slope is primarily responsible for the security breach that resulted in thousands of Solana users losing cryptocurrency.

Slope is a supplier of Web3 wallets for the Solana layer-1 (L1) blockchain. The Solana Foundation blamed Slope through its Twitter account on Wednesday, noting that "it appears impacted addresses were generated, imported, or used in Slope mobile wallet applications."

Anatoly Yakovenko, the co-founder of Solana, tied Slope wallets to the breach on his personal Twitter account. He urged customers to generate a seed phrase from a source other than Slope as quickly as possible. In addition, he instructed the concerned user to "begin practicing cold/hot wallet separation."

The Solana-based wallet vulnerabilities were initially revealed on Tuesday when the community began complaining that their Solana (SOL) and other tokens were being drained from their crypto wallets. An estimated $8 million worth of cryptocurrency was taken from about 8,000 wallets.

The Solana Foundation concluded via its research that the private keys for each of the affected wallets were “inadvertently submitted to an application monitoring service” such as Slope.

It noted that there were no indications that the Solana protocol or its encryption was vulnerable to the assault.

Several claims that Slope may have recorded user seed phrases on its central servers. The servers may have been hacked, and seed phrases disclosed, which a hacker may use to conduct transactions.

Earlier reports of the day’s assault said that users of Slope and Phantom hot wallets were being targeted, causing many to assume that the Solana protocol may have been compromised. Austin Fedora, the head of communications for Solana, discovered via more studies that the problem was limited to hot wallets.

While 60% of the victims of the assault were Phantom users, those impacted did not generate their seed phrase using Phantom, according to Fedora.

Wednesday, Slope made a statement about its ongoing investigation into the incident, stating that “A group of Slope wallets was compromised in the hack,” some of which belonged to its employees.

The company recommended users of Slope wallets produce a new unique seed phrase and move all cash to it, rather than leaving any funds on existing wallets that might be abused in the future. The Phantom team increased its warning by encouraging customers to move their money to a new wallet that does not utilize Slope.

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