Solana Excel Sheet Opened Up Wallets Cleaned Out
Solana or rather SQLana has been a cockup ever since its launch, apart from Ethereum, it's probably the one chain with the most hacks and fails on it over the last 2 years. The wormhole fail was one of the biggest fails in shitcoins hitting over a half a billion in value stolen, and that was a bridge between ETH and Solana.
Btw not the first or the last bridge to fail, as the nomad and Ronin have proved in recent memory.
I woke up this week to see Solana once again showing why bitcoin being boring and secure is the real killer app. I've come to the realisation that bitcoin doesn't have to beat out shitcoins, it will just outlast them, as these chains race to "innovate" they will always expose themselves to hacks and vulnerabilities.
As faith is lost in these chains that value simply moves over to bitcoin. The burden of proof is no longer on bitcoin to show why it's better, it keeps proving it by locking in the next block every 10 minutes or so with no downtime.
8000 and counting
I've looked around and details of the hack are unclear at this point, but it appears that some users of software Solana wallets Phantom and Slope are having funds drained from them.
According to reports over 8000 wallets have been affected and it's happening for users of both mobile wallets and browser extensions.
https://twitter.com/PeckShieldAlert/status/1554674781383180289
Solana has been promoting itself as the speedy version of ETH and I totally agree, it's really shown how the faster you try to compete the faster capital gets drained from your system because you have the security of swiss cheese.
SOL has obviously taken a hit and is down around 8% so far as those who see everything as a buy-the-dip opportunity still hold the floor on this garbage.
Shitcoin wallets don't have enough entropy
The problem with shitcoin wallets is to have access to it all the time to sign in and out of apps, you need to have a set of keys hot on a device at all times, those keys can always be compromises because you're probably using some shoddy wallet software to run it.
Even Solana themselves are basically admitting to it by telling people to move their funds to a hardware wallet where keys are created offline.
https://twitter.com/SolanaStatus/status/1554696034533740546
Even then this may save your wallet but doesn't do a whole lot for the network, i've already expalined in the past why self custody of shitcoins is a pointless exercise but the security theatre I guess helps shitcoiners feel like they're doing something.
As is the case with chain fails, the copium on Twitter and discord are at an all-time high and I sure am enjoying the shitcoiner tears, here's a toast to you So-losers!
Sources:
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