Solana Has Signs Of A Security Vulnerability, Phantom Users Need To Beware

August 3, 2022 - Around 2 mins mins to read

There is a lot of information that some applications on Solana may be experiencing security problems, Solana also suggested that Phantom users should pay attention to not lose assets.

Solana is having a security problem

On the morning of August 3, the crypto community on Twitter is passing many reports that the Solana network may be experiencing a major security hole.

It has been discovered that many crypto wallets have been massively withdrawn, with a value of up to several million USD. However, there is still no official source to confirm the actual damage figure.

some exploit either with @phantom or @MagicEden, drained 6mil in like 10 mins literally every phantom wallet getting compromised, not sure if any other wallets too pic.twitter.com/dVtksoMeye
— roma9 (former paladin) ????????‍♂️ (@nftpeasant) August 2, 2022

The source also confirmed that the vulnerability is related to the NFT Marketplace Magic Eden platform and the Phantom Wallet, but there is no proof.

The official Magic Eden Twitter page acknowledges Solana is experiencing security issues across the ecosystem and advises users to deauthorize the Phantom wallet to protect themselves, indirectly acknowledging Phantom as a faulty platform.

????????????There seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem

Here's what you can do right now to best protect yourself
1. Go to >Settings on your @phantom wallet
2. >Trusted Apps
3. >Revoke Permissions for any suspicious links

????
— Magic Eden ???? (@MagicEden) August 3, 2022

The community also shared how to deauthorize (revoke) the Phantom wallet. Meanwhile, Phantom is working with other projects in Solana to find vulnerabilities and claims to not believe its wallet product is the platform that is having issues.

We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue.

As soon as we gather more information, we will issue an update.
— Phantom (@phantom) August 3, 2022

SOL price is plummeting to nearly 8% because of the above information.

Solana — 15m chart of the SOL/USDT pair on Binance on August 3, 2022

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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