Topic: Solana Wallet Hack " How to Protect Your Funds (Read 278 times)
Always remember, not your keys not your wallet. Always store crypto assets which you must have full control and have keys as well. With so many hacked recently, we are now having an anxiety how to protect our assets by doing storing it on hardware wallets and non custodial wallets app like trust wallet and such.
Exchange market account I think right now the best place for saving and protect our fund, although still have several exchange get trouble with suspend account, freeze withdraw and trouble when deposit fund. I think choose with Binance as your place for saving fund as trading or try with holding coin, Not brave when saving fund on wallet network like Solana exploit and success hacked many Sol coin assets. Right now happening with Solana network and I think later will have several network become target for hacking and stolen assets, not safety when saving your fund on wallet what ever kinds is it between Polygon, Solana, Waves or ERC20 network.
The idea of storing all assets to a centralized exchange is a bad idea. I will agree with you that Binance is the leading and most trusted exchange at the moment, but the crypto market is unpredictable, anything can happen, remember the collapse of Mt.Gox in 2014, Mt.gox was also the largest exchange at that time.
Cryptocurrencies and blockchain are becoming prey for hackers, attacks are constantly on us, so we must protect ourselves. In my opinion, assets should be stored in many different wallets instead of just focusing on 1 or 2 wallets. This will avoid damage when attacked.
well the OP said it, use HARDWARE WALLET or else got pawned, or just use a centralized exchange so you don't think much about tech stuff and got another risk factor come up, like centralized, they can seize your asset and you still can get scam if you not careful enough.
Exchange market account I think right now the best place for saving and protect our fund, although still have several exchange get trouble with suspend account, freeze withdraw and trouble when deposit fund. I think choose with Binance as your place for saving fund as trading or try with holding coin, Not brave when saving fund on wallet network like Solana exploit and success hacked many Sol coin assets. Right now happening with Solana network and I think later will have several network become target for hacking and stolen assets, not safety when saving your fund on wallet what ever kinds is it between Polygon, Solana, Waves or ERC20 network.
The idea of storing all assets to a centralized exchange is a bad idea. I will agree with you that Binance is the leading and most trusted exchange at the moment, but the crypto market is unpredictable, anything can happen, remember the collapse of Mt.Gox in 2014, Mt.gox was also the largest exchange at that time.
Cryptocurrencies and blockchain are becoming prey for hackers, attacks are constantly on us, so we must protect ourselves. In my opinion, assets should be stored in many different wallets instead of just focusing on 1 or 2 wallets. This will avoid damage when attacked.
IMO, I believe that these hacking incidents are a wake-up call not just to newcomers in the industry, But to all existing crypto platforms old and new in the market. because I always believe in the saying that there's always room for improvement, so they should work better to enhance the security of their platform and avoid all of these hacking incidents to be happen again.
Exchange market account I think right now the best place for saving and protect our fund, although still have several exchange get trouble with suspend account, freeze withdraw and trouble when deposit fund. I think choose with Binance as your place for saving fund as trading or try with holding coin, Not brave when saving fund on wallet network like Solana exploit and success hacked many Sol coin assets. Right now happening with Solana network and I think later will have several network become target for hacking and stolen assets, not safety when saving your fund on wallet what ever kinds is it between Polygon, Solana, Waves or ERC20 network.
I would say it's not at all good idea to store your coins over these exchanges if your purpose is to hold them rather then trading.The hardware wallets are the best option to keep your funds safe and under your own control while these exchange can also be hacked so don't trust them blindly. 
Exchange market account I think right now the best place for saving and protect our fund, although still have several exchange get trouble with suspend account, freeze withdraw and trouble when deposit fund. I think choose with Binance as your place for saving fund as trading or try with holding coin, Not brave when saving fund on wallet network like Solana exploit and success hacked many Sol coin assets. Right now happening with Solana network and I think later will have several network become target for hacking and stolen assets, not safety when saving your fund on wallet what ever kinds is it between Polygon, Solana, Waves or ERC20 network.
What makes people lose money in their wallets is not entirely blamed on the blockchain, even though the current state of Solana Blockchain is experiencing problems, sometimes people trust dapps too much that have no clear source, so they use it for certain purposes, on the other hand this is not in safe stages, so that they are caught in the scams that people do, caution is the main step that people who are here need to improve
The blockchain itself can be blamed when it doesn't perform so well. So, Decentralization will not make people waiting for so long just to send their money into the new address that already created before. I think that you must not only pay your attention to the slope but you must also remember that if solana has so many problem with its blockchain. That was also contributing a lot to the hacker to steal money. 
Another thing that I observed with the recent hack on some Solana platforms, especially on Solana wallets are people crying and spreading FUD about Solana like they are telling Solana got hacked or compromised.
They must know that the platforms or projects in the Solana network are the ones got issues,s not the network.
They must know that the platforms or projects in the Solana network are the ones got issues,s not the network.
It's very hurting when we lose funds without making any mistakes. I never move my funds from my hardware wallet unless I want to sell my coins. Here is an investor one should have a Hardware wallet to secure its coins from hackers as I believe hardware wallets are the most secured wallets as compared to other wallets in my opinion. I must say one must have a hardware wallet if he is a holder or regular crypto trader to secure his funds. I hope soon we will come to know what is the cause of hacking and how they make it possible till then we have to wait.
Agree with you mate, this hackers are actually evolving day by day and finding ways how to become more creative about their hacking craft. No one is safe in the crypto space. But what investors can do is be more knowledgeable, be more cautious and always think ahead. You never know if you were talking to a hacker cause they really mastered social engineering. I hope solana do more about their ecosystem. Become more safer and much more protected.
The important factor to prevent that is to simply use things that are fully in control of ourselves. In this case, Slope Wallet is a closed source wallet, so that is a big red flag for our belonging, specifically in cryptocurrency.
If we take a bigger look, this kind of case is indeed a tricky one since it involves an internal entity from the developer of the wallet, but generally, the way of hacking hasn't been much any innovation, we keep hearing the same way of hack gets repeated.
It's very hurting when we lose funds without making any mistakes. I never move my funds from my hardware wallet unless I want to sell my coins. Here is an investor one should have a Hardware wallet to secure its coins from hackers as I believe hardware wallets are the most secured wallets as compared to other wallets in my opinion. I must say one must have a hardware wallet if he is a holder or regular crypto trader to secure his funds. I hope soon we will come to know what is the cause of hacking and how they make it possible till then we have to wait.
Agree with you mate, this hackers are actually evolving day by day and finding ways how to become more creative about their hacking craft. No one is safe in the crypto space. But what investors can do is be more knowledgeable, be more cautious and always think ahead. You never know if you were talking to a hacker cause they really mastered social engineering. I hope solana do more about their ecosystem. Become more safer and much more protected.
It's very hurting when we lose funds without making any mistakes. I never move my funds from my hardware wallet unless I want to sell my coins. Here is an investor one should have a Hardware wallet to secure its coins from hackers as I believe hardware wallets are the most secured wallets as compared to other wallets in my opinion. I must say one must have a hardware wallet if he is a holder or regular crypto trader to secure his funds. I hope soon we will come to know what is the cause of hacking and how they make it possible till then we have to wait.
Agree with you mate, this hackers are actually evolving day by day and finding ways how to become more creative about their hacking craft. No one is safe in the crypto space. But what investors can do is be more knowledgeable, be more cautious and always think ahead. You never know if you were talking to a hacker cause they really mastered social engineering. I hope solana do more about their ecosystem. Become more safer and much more protected.
What makes people lose money in their wallets is not entirely blamed on the blockchain, even though the current state of Solana Blockchain is experiencing problems, sometimes people trust dapps too much that have no clear source, so they use it for certain purposes, on the other hand this is not in safe stages, so that they are caught in the scams that people do, caution is the main step that people who are here need to improve
What happened with Sol was that Slope wallet had an unencrypted way of sending peoples seeds across the internet and its how those funds got stolen. Basically it wasn't the current release, it was a release made in the past. Someone discovered it, maybe someone on the inside and they quietly started to record peoples seeds. They waited many months until they started to drain these wallets. And as a result it took an entire day for them to find the cause of it.
I think when the devs discovered that seeds were sent unencrypted they should of issued a statement for people to create a new seed but they didn't. And many users funds were stolen. If they used a hardware wallet they would of been fine.
I think when the devs discovered that seeds were sent unencrypted they should of issued a statement for people to create a new seed but they didn't. And many users funds were stolen. If they used a hardware wallet they would of been fine.
I think they didn't find it out until it's too late that's why they haven't sent any email to their users. Yeah, a hardware will be ok, but the question is, how many of us are buying and using hardware wallet? Maybe except for bitcoin and ethereum holders, I doubt that the majority are into hardware to have their coins like SOL and others, in my opinion.
Just to note that Slope Wallet as a closed-source wallet does not require an user to register their email, so there isn't any. And IIRC, the leaked seed phrase was transmitted with encryption, but the storing process itself does not.
A hardware wallet is a practical yet safe way to store cryptocurrencies, but as you said, it isn't widely used by anybody. But the main idea of the compromised seed phrase in the first place is that many users choose futile closed-source wallet.
What happened with Sol was that Slope wallet had an unencrypted way of sending peoples seeds across the internet and its how those funds got stolen. Basically it wasn't the current release, it was a release made in the past. Someone discovered it, maybe someone on the inside and they quietly started to record peoples seeds. They waited many months until they started to drain these wallets. And as a result it took an entire day for them to find the cause of it.
I think when the devs discovered that seeds were sent unencrypted they should of issued a statement for people to create a new seed but they didn't. And many users funds were stolen. If they used a hardware wallet they would of been fine.
I think when the devs discovered that seeds were sent unencrypted they should of issued a statement for people to create a new seed but they didn't. And many users funds were stolen. If they used a hardware wallet they would of been fine.
I think they didn't find it out until it's too late that's why they haven't sent any email to their users. Yeah, a hardware will be ok, but the question is, how many of us are buying and using hardware wallet? Maybe except for bitcoin and ethereum holders, I doubt that the majority are into hardware to have their coins like SOL and others, in my opinion.
If anyone can afford to invest 400$ in crypto assets they should be able to buy a hardware wallet, this has been discussed so many times on here before, no other wallets are more secured like hardware wallet and they costs 150$.
What can I say except that people are that cheap, there have been many cases in the past of people losing millions of dollars simply because they were too cheap to buy a hardware wallet, as you say hardware wallets are cheap and even someone which has only 1k invested in this market should get one as the security that it brings is many times better than what users can get on their own, since only a few people are able to secure their coins properly with software wallets. 
from this incident we really know that software wallets are really very vulnerable to hacking,
it has been proven that many have been hit by hacker attacks, and SOL is one of the worst, even though Solana has an amazing ecosystem and team,
of course this is something bad for SOL, and one of the good things we have to do to avoid hackers in the future is to store it in a hardware wallet
it has been proven that many have been hit by hacker attacks, and SOL is one of the worst, even though Solana has an amazing ecosystem and team,
of course this is something bad for SOL, and one of the good things we have to do to avoid hackers in the future is to store it in a hardware wallet
When I first heard about the Solana exploit, I was kinda concern that my Phantom wallet might be affected. Although I don’t have big funds there, but for a 3rd world country guy like me it matters. I have like 44 USDC there with a lil’ bit of SOL for gas fees. I immediately transferred it to my Binance account since Solana is kinda “big” to install in my hardware wallet.
Even if I am not affected, I’m just doing it to be sure that my funds are safe than being drained like what happened to my Metamask and Trust Wallet accounts a few months ago where I’ve lost like more than $12k.
Even if I am not affected, I’m just doing it to be sure that my funds are safe than being drained like what happened to my Metamask and Trust Wallet accounts a few months ago where I’ve lost like more than $12k.
You can create 2 wallets on the hardware wallet of the ledger. By default, wallet number 1 will interact with DeFi projects. Wallet number 2 is only for holding coins and tokens. By default, it cannot be connected to defi projects if you do not change the derivation paths in the settings.
There is no need to keep any assets on wallet number 1, or transfer coins there from the second wallet as needed. And then send the coins back.
There is no need to keep any assets on wallet number 1, or transfer coins there from the second wallet as needed. And then send the coins back.
Lately, I often hear bad news from the Solana network, even though I think this network can compete in the future if it looks at the previous price which can reach $200. Indeed, no one knows what will happen in the future, but it seems I prefer to withdraw all my assets on the Solana network and prefer to store them in CEX.
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