Hacking attack drains £5m from 8,000 wallets linked to Solana crypto network (2024)

FAQs

Hacking attack drains £5m from 8,000 wallets linked to Solana crypto network? ›

Ongoing solana attack targets thousands of crypto wallets, costing users more than $5 million so far. Nearly 8,000 digital wallets have been drained of just over $5.2 million in digital coins including solana's sol token and USD Coin (USDC), according to blockchain analytics firm Elliptic.

Q: Can someone steal my cryptocurrency if they have my wallet address? A: While it's unlikely someone can steal cryptocurrency with your wallet address alone, crypto wallets can be hacked through other means, such as phishing, malware, or social engineering tactics.

Crypto theft has surged in the first six months of 2024, now reaching $1.38 billion, a figure more than twice the amount stolen in 2023, according to new data from TRM, a blockchain intelligence company.

Phishing: One of the most common types of digital attacks, this involves malicious actors sending emails that lure crypto owners into divulging sensitive information or downloading malware which could allow the hacker to access their crypto wallet and steal their coins.

Hackers attacked the Solana crypto ecosystem with a previously unknown exploit and compromised over 8,000 wallets, at least so far. Most of the victims seem to be mobile wallet users. The number of hacks and successful phishing attacks in the crypto world has steadily risen in the past few months.

To find out the name of the owner of a wallet address , you can use a blockchain explorer or a cryptocurrency tracking website . These platforms allow you to search for a specific wallet address and view its transaction history , balance , and other information .

Yes, it is possible to recover scammed cryptocurrency with legal action. However, it's essential to understand that crypto scam recovery services are not included in cryptocurrency tracing, which aims only to identify payment paths on the blockchain.

In May, Japanese cryptocurrency exchange DMM Bitcoin suffered a theft of bitcoin worth over $300 million at the time, marking the largest cryptocurrency-related attack so far in 2024, according to TRM's report.

Getting that stolen crypto back is nearly impossible. The value of all existing cryptocurrency is $2.33 trillion, according to Bankrate. Cryptocurrency, such as Bitcoin, is a digital currency created using encryption algorithms, Oswego State University of New York says.

Analytical tools and blockchain explorers can track and analyze transaction patterns associated with specific wallet addresses, potentially linking multiple transactions to the same individual or entity. Blockchain analytics and forensic tools have emerged to help trace and analyze cryptocurrency transactions.

Which type of crypto wallet is the most vulnerable to hackers? ›

5 Best Hot Wallets of July 2024. Hot wallets are connected to the internet and are often available as a standalone product or as an add-on through popular crypto exchanges. Hot wallets make it easy to execute crypto transactions. But since hot wallets are hosted online, they are more vulnerable to hackers.

However, weaknesses outside of the blockchain create opportunities for thieves. Hackers can gain access to cryptocurrency owners' cryptocurrency wallets, exchange accounts, or the exchanges themselves. Ransomware and scams are also used to steal cryptocurrency.

A private key is an alphanumeric code generated by a cryptocurrency wallet. It is used to authorize transactions and prove ownership of a blockchain asset. A private key is an integral part of cryptocurrency, and its encrypted properties help protect users from thieves and unauthorized access to their funds.

The explosion in memecoin launches and subsequent trading activity has resulted in network congestion, drastically increasing the rate of failed transactions on Solana. In April, the team released several updates to help alleviate the issues, but they didn't entirely solve the problem.

On Wednesday, it was Solana's failure not to be able to handle durable nonces. The validators instead of treating these niche transactions as a single transaction, double counted them as a single transaction at two different block heights. This prompted Solana's consensus mechanism to crash.

Major congestion issues are plaguing the Solana network, leading to 70% of transactions failing. In response, developers are stepping in. Solana developers announce measures to address network congestion.

You can safely give out your crypto addresses to friends, family, and acquaintances. No one can steal your cryptoassets using just your crypto addresses. They'd need both your address and the private key to it.

If someone is aware of your wallet address, they can see how much money went in and out of your wallet, as well as how much it contains at the moment. Nobody is able to claim your assets by knowing your wallet address. Want to know more about how a crypto wallet works and what a wallet address is?

While it's safe to share your wallet address, which is public information, your private keys should be kept confidential. Never share your private keys with anyone, as doing so could lead to theft of your funds.

Your wallet address can be shared with others to allow you to easily send and receive your cryptocurrencies.