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**WARNING** Millions Already Drained in Continuing Solana Based Wallet Hack (w/ Update)

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[NOTE For the most recent updates I come across on this matter, please scroll to the bottom of this page. Thank you!]

"Up to $6 million in crypto has been drained from Solana wallets within the last 10 minutes, according to CryptoSlate sources. Users are reporting that entire wallets have been drained of funds, with little currently known as to the source of the issue" [Wright, L. Solana wallets reportedly being drained to unknown address “Htp9MGP”. (Accessed August 2, 2022).]

"At the time of writing, Solana (SOL) is currently trending on Twitter as countless users are either reporting on the hack as it unfolds, or are reporting to have lost funds themselves, warning anyone with Solana-based hot wallets such as Phantom and Slope wallets to move their funds into cold wallets" [Quarmby, B. Ongoing Solana-based wallet hack has already seen millions drained. (Accessed August 2, 2022)].

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"Comments on just this post alone include many users claiming also to have had their wallets drained. No trend or source of the exploit has currently been identified" [Wright, supra].

So far both Phantom and Magic Eden have commented on the issue, with wallet provider Phantom noting that it is working with other teams to get to the bottom of the issue, although it says it does not “believe this is a Phantom-specific issue” at this stage [...] Magic Eden confirmed the reports by stating that “seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem” as it called on users to revoke permissions for any suspicious links in their Phantom wallets.

[Quarmby, supra].

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Uncertainty is creating true fear, uncertainty, and doubt in real terms for wallet owners on the Solana blockchain at present. Although the cause of the exploit is yet unknown, one wallet, in particular, has been mentioned throughout the reports. “Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV” currently has a balance of $6 million, with the majority being stablecoins. The wallet received hundreds of transactions from unique addresses at 23:22:57 PM +UTC on Tuesday, August 2.

[Wright, supra].

"Popular scam detective and self-described “on-chain sleuth” @zachxbt also did some digging and revealed to their 274,800 followers that the hackers initially funded the primary wallet associated with this attack via Binance seven months ago. The transaction history shows that the wallet remained dormant until today before the hackers conducted transactions with four different wallets 10 minutes before the attack started" [Quarmby, supra].

Crypto trader Bilal Ahmed suggested to CryptoSlate that it may be related to an NFT mint by Rakkudo. Ahmed is aware of over 500 SOL being stolen from within his personal network of traders. Theorizing the cause of the event, Ahmed suggested, 'Rakkudo minted today, currently, it seems to be wallets linked to wallets that tried to mint. But it’s really odd as it’s also draining main wallets, not just burners.' There has been no official statement from the Rakkudo team on its official Twitter account at this point.

[Wright, supra]

Uncertainty is creating true fear, uncertainty, and doubt in real terms for wallet owners on the Solana blockchain at present. Although the cause of the exploit is yet unknown, one wallet, in particular, has been mentioned throughout the reports. “Htp9MGP8Tig923ZFY7Qf2zzbMUmYneFRAhSp7vSg4wxV” currently has a balance of $6 million, with the majority being stablecoins. The wallet received hundreds of transactions from unique addresses at 23:22:57 PM +UTC on Tuesday, August 2.

[Id].

"Youness Kasmi, founder of Private Foxes, also identified 2 other wallets draining users’ funds" [Id].

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"At this stage it is unclear if the hack is ongoing, where it originated and if more user funds are still at risk" [Quarmby, supra].

UPDATE

"Blockchain investigator PeckShield on August 2 said the widespread hack is likely due to a "supply chain issue" which has been exploited to steal user private keys behind affected wallets. It said the estimated loss so far is around $8 million." [Quarmby, supra].

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"Slope said it is currently working with Solana Labs and other Solana-based protocols to pinpoint the issue and rectify it, though there were 'no major breakthroughs yet'. 'Still war-rooming through it. No major breakthroughs yet. Will follow up as soon as possible with any major conclusions and/or recommended practices' [Id].

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