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Why Hackers Are Targeting Solana (SOL) | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


Hackers are reportedly targeting the Solana ecosystem amid substantial gains witnessed by its native token SOL and various memecoins since October 2023.

“As Solana continues to gain popularity, drainer groups are increasingly moving towards it, as indicated by the growing number of malicious Solana dApps detected by Blockaid,” a recent post stated.

Solana Holders Alerted to Potential Hacker Threats

According to a series of posts on X (formerly Twitter), the malicious hackers are employing intricate methods to deceive Solana users into linking their wallets and authorizing transactions:

“These drainers are highly sophisticated and can deceive the simulations used by Solana wallets, leading users to unknowingly sign malicious transactions.”

Malicious Transaction Screenshot. Source: BlockAid

Web3 fraud protection platform BlockAid further encouraged Solana developers to proactively contact them.

They declare they will be able to explore strategies to increase the security measures provided to users on the platform.

“If you are building on Solana, please feel free to reach out to us to protect your users from fraud, phishing and hacks.”

Read more: Solana vs. Ethereum: An Ultimate Comparison

Solana Subject to Exploits in 2023

In August 2023, BeInCrypto reported that Solana’s Cypher Protocol was forced to freeze its smart contract after losing a suspected $1,035,203 to an exploit.

According to Solscan, the suspected attacker stole 38,530 SOL and $123,184 in USDC from the decentralized exchange. Later, they sent 30,000 USDC to a wallet on Binance in what could have been an attempt to cash out their money.

At the time of publication, Solana’s price stands at $104.69.

Solana Price Chart 1 Month. Source: BeInCrypto
Solana Price Chart 1 Month. Source: BeInCrypto

Meanwhile, Solana’s meme coin BONK, has been one of the most discussed cryptos in recent times.

In December 2023, BeInCrypto reported that in just two months, Bonk had rallied by nearly 9,000%. 

Due to the massive Solana price increase in 2023, the altcoin has now flipped the market cap of XRP, to become the fifth largest cryptocurrency.

Solana currently has a market cap of $43.02 billion. Meanwhile, XRP holds a market cap of $30.1 billion.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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