One of the major cryptocurrencies Solana’s (SOL) network has faced massive abuse. After this incident that took place yesterday, many famous figures made statements. The most recent name to speak on the subject was Sam Bankman-Fried, CEO and billionaire of crypto exchange FTX. Fried announced his support for SOL. Here are the details…
Sam Bankman-Fried supports Solana
As we reported as Kriptokoin.com, yesterday, Solana faced a great abuse. A day after that, Sam Bankman-Fried, head of FTX, announced his support for the SOL cryptocurrency. In a recent interview with Fortune, SBF said that Solana is currently the lowest rated cryptocurrency. He also noted that, despite all the bad reviews, Solana successfully solved 2/3 of its technological problems. He also added that he is confident that he will surpass the other third. During the interview, SBF said:
If any Blockchain tried to do what Solana did, it would break. It was his way of understanding what needed to be refined. Pushing the limits to see what’s broken is what other Blockchains “must” do
Also making a comparison between wallet exploits in Nomad and Solana, SBF said:
This is a good example of how something can be rated incorrectly. A random dAPP is compromised. The underlying Blockchain is to blame. (To be clear, no kernel or internal infrastructure was a problem! The problem was a single third-party app that some people used…)
Popular cryptocurrency Solana commented on the latest attack
More than 8,000 wallets with a total value of more than $7 million were seized late Tuesday. However, it has been revealed that Phantom wallets have been compromised before. Further investigation indicates that Slope’s mobile apps have been compromised. In a recent update on Twitter, Solana wrote:
After an investigation by developers, ecosystem teams, and security auditors, it was revealed that the affected addresses were created, imported, or used in Slope mobile wallet apps at some point.
He also added that the exploit was only related to a wallet on Solana. However, all other hardware wallets used by Slope remain secure. Solana also adds that there is no evidence that the Solana protocol has been compromised. The latest incident points to the vulnerability of wallet operators. It also shows another example of the importance of cold storage. After the event in question, Solana’s SOL token dropped from $ 47 to $ 37. Still, the altcoin seems to have recovered. The depreciation in the last 24 hours is 0.9 percent.
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