The Solana Hack is dominating social media circles in the crypto sector. It is still not clear how the hack was effected and how much loss has been incurred. A huge hack was carried out in the Solana ecosystem which has affected more than 8000 wallets on Wednesday. Sources estimate the loss to the tune of $8 million but the figure can rise as the full extent of the hack is sinking in. Crypto assets involving SOL and USDC were stolen from the wallets by the hackers.
Was Solana Hack Preventable?
Block Chain and crypto assets are generally quite secure and robust but attacks do occur and the incidence is on the rise. The Solana management and engineers are still working to unravel the nitty gritty of the hack. One possibility which is being studied is of a private key compromise. Experts are differing on whether the hack was preventable. A Twitter profile that goes with the name Senor Doggo, , said the hack was avoidable with a different approach. An open source code could have helped the Solana higher ups figure out what went wrong with the hack.
Meanwhile Solana management has stated that several engineers and security expert firms are investigating the hack. Experts also contend that closed source code is hampering the security people from finding the cause of the hack.
Responding to the attack, the Solana management said were trying to find the cause of the hack. One of the many theories being speculated is the possibility Meanwhile, They said having an
Doggo said. “The Solana hack demonstrates why it is irresponsible not to have open source code in crypto. Researchers have been working around the clock to discover what the issue is and can’t because the code is closed source. Hundreds of millions lost due to unnecessary IP protection.”
SOL Price Recovering Post Solana Hack
The news of the hack negatively affected the asset’s price. From around $41, SOL dropped to just over $38 within the space of an hour. However later the price recovered and till last figures which came in SOL was changing hands at $40.31, down 2.38% in the last 24 hours, as per data received from CoinMarketCap.