According to PeckShieldAlert, the hack is likely due to the exploit of an unresolved supply chain issue.

PeckShieldAlert tweeted, “The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M).”

#PeckShieldAlert The widespread hack on Solana wallets is likely due to the supply chain issue exploited to steal/uncover user private keys behind affects wallets. So far, the loss is estimated to be $8M, excluding one illiquid shitcoin (only has 30 holds & maybe misvalued $570M) pic.twitter.com/aTGNsTc6d8

— PeckShieldAlert (@PeckShieldAlert) August 3, 2022

Meanwhile, the price of Solana (SOL) has been unstable in the market since the exploit happened. At the time of writing, SOL is trading at $38.60, with about a 4% price downtrend in the last 24 hours.

Read Also: Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation

Users from across the world have been reporting the disappearance of their Solana funds from their respective wallets.

According to an expert who sounded a note of warning earlier today, users can be on a safer side by revoking all Trusted Apps in their Phantom wallet.

He wrote, “There’s a widespread exploit going on Solana right now, draining wallets left and right. There’s no official word yet, but revoke all Trusted Apps in your Phantom wallet right now to be on the safe side.”

According to some Solana profiles and service providers on Twitter, the hack seems not just affecting only a specific protocol, but a widespread issue. So, this could become more complicated than people think.

Blockchain auditor, OtterSec, Solana Network in Fresh Outage. Here’s what Solana Team Is Doing To Mitigate the Situation over 5,000 wallets have been drained.

What makes the matter worse, according to OtterSec, is that the transactions were signed by the actual owners, suggesting that the hack has to do with a private key compromise.

Read Also: Solana Unveils First Physical Store Dedicated to Web3 in New York City

The firm said the hack affected multiple wallets, including “Phantom, Slope, Solflare, TrustWallet – across a wide variety of platforms. FOR USERS, please move your assets to a hardware ledger or a centralized exchange,” adding that “there’s also been evidence of this issue affecting ETH users, although it seems less widespread.”

Per the team behind Solana, engineers from multiple ecosystems and security firms are currently investigating the affected wallets on the Solana blockchain.

The handle named Solana Status on Twitter pointed out that there is no evidence hardware wallets were also compromised.

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The post Thousands of Solana Wallets Hacked, Leading To Loss of About $8 Million of Users’ Funds appeared first on Times Tabloid.

This was revealed on Twitter by a popular blogger Jane Manchun Wong a couple of hours ago. Wong captioned screenshots to prove the likely integration.

Read Also: Pantera Capital: Solana (SOL) and Near Are Set For Immense Growth in 2022

Jane Manchun Wong wrote, “OpenSea is working on Solana integration, as well as Phantom wallet support.” In the same thread, “OpenSea’s Chains Filter showing Solana as an option.”

OpenSea’s Chains Filter showing Solana as an option pic.twitter.com/asQoYrfTm4

— Jane Manchun Wong (@wongmjane) January 25, 2022

The integration of the new network on OpenSea was most likely found by the reverse engineering of the platform that allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with Phantom.

Read Also: Non-Fungible Token (NFT) Sales Volume on Solana Blockchain Surpasses $1 Billion

While OpenSea has not officially confirmed or denied Solana support, the official Twitter account of the platform left a comment under Wong’s post tagging the blogger and Phantom wallet official account.

JPMorgan Says Ethereum Is Losing Ground to Solana in the NFT Sector

Due to notably high transaction fees on the Ethereum blockchain, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, believe that the largest smart contracts platform is already losing ground to rivals such as Solana in the non-fungible token (NFT) sector.

JPMorgan pointed out that Ethereum’s volume share of NFT trading has fallen from around 95% recorded at the start of 2021 to 80%.

In a research note sent to clients, Panigirtzoglou wrote:

“It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.”

Read Also: Bank of America: Solana (SOL) Could Beat Ethereum (ETH) To Become Visa of Crypto Space

According to the major bank’s findings as stated in the report, the Solana network had been seizing market share from Ethereum in recent weeks.

Panigirtzoglou emphasized that if Ethereum keeps losing ground to rival blockchains, it would become a big problem for the market value of Ethereum:

“If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.”

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The post Biggest NFT Marketplace OpenSea Working on Solana and Phantom Wallet Integration appeared first on Times Tabloid.