Topic: Solana Wallet Hack " How to Protect Your Funds (Read 265 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.

If you are still using the very same hardware device in order to generate all of those wallets then you're not really improving your security as your coins can still be stolen as long as that hardware device is compromised, however if you have indeed several hardware wallets or several computers in which you can store your coins then you can indeed improve the security of your coins by having several wallets being generated in different devices, however most of the time this is impractical for most people which is why it's not very common.

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.

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.

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.

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.

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.

And that is the problem with hackers, they are always trying to innovate and find ways to get access to your coins and most of the time they are going to be ahead of the developers, this means that we cannot just depend on them in order to protect our coins, we need to do our homework too and if we don't then the chances that eventually we're going to lose our money are incredibly high as sooner or later we will make a mistake and our luck will run out.

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

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.

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.

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

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.

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.

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.

Avoid using centralized blockchain to avoid this kind of shit show because no matter how hard to try protect your wallet while the blockchain itself can be attack or the one that controlling it can freeze your funds on your wallet then all the safety precaution that you do is useless if the project itself is the main problem.

Solana received a lot of criticism due to it centralized nature and now they are paying all the price including all those blind investors that hype this project even though it’s not worthy of that valuation.

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$.

So that is what is happening, thanks for giving the explanation, so the users are not at fault and it was the wallet sending their private keys as clear text, it seems to me this could have been an inside job as it is difficult to explain otherwise how something like this could have happened, however after reading a little bit about this it seems the hackers may have made a mistake as it seems the addresses used to gather the hacked funds received money from an address which was funded from Binance, which may be the lead necessary to arrest those hackers and see if the funds can be recovered.

Creating the new wallet is the best thing that can be done but to be honest im feeling doubt with the solana blockchani at this moment. It seems like that so many problems appeared at the same time and this is also making so many people are loosing their money. Stop to use unknown or unreputable dapps. So many dapps have become the main problem why people are loosing their money.

the best time for now is open new wallet with new generated seed phrase and store it on hardware wallet and move HODL coin to it and never use the phrase in anywhere else.

I'm still hoping that hacker turn the money and take the bounty instead washing and run away

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.

Not sure if this helps, but the hackers are extremely fast and have drain most of the wallets that they can get their hands too.

The burden is really on the Slope developer, how can they allow this to happen in putting the mnemonic phrase in plain text.

And if you are lucky and if your wallet is not drained up, maybe you can used this tips, just move in somewhere safe, maybe to a new wallet will do. And I'm seeing al ot of stories in twitter wherein people losing big money here, this is just an unfortunate event.

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.

It's rather unfortunate to hear that Solana wallets are getting compromised easily. I really do hope that the Solana team gets to the root of the issue and rectify any loop hole that might have caused this anomaly. I guess, I'll have to move my Solana to my exchange wallet to avoid issues of this nature. Thank you so much for the heads up.

There have been over five million dollars worth of Solana stolen so far in a hack that is ongoing a lot of people on
crypto Twitter is trying to figure out what the heck is happening.

it looks like the wallets are being compromised
are hot wallets like phantom and slope wallet so far there's been some rumblings about trust wallet and
possibly Ethereum but we're not sure those are entirely connected they're also not sure


How these wallets are exactly being
compromised how they're their seat phrases
or
their private keys are being compromised
a lot of this is being tried to be found out there are lots of
hangouts happening on Twitter live people coming together those who are industry experts trying to figure out how this hack is happening and the people the victims are coming together saying you know which browsers
they're using if they're using a cell phone or iPhone
connected with these hot wallets is that potentially a vulnerability, so another reason why I never use my phone
to do anything with storing my

cryptocurrencies

if you guys have Solana NFTs on

phantom

or slope please move those over to a
a hardware wallet like ledger I know
ledger supports Solana I'm not sure
about  trezor at this time but
ledger as a last-ditch effort

if you don't have access to a hardware
wallet please you can move your salona
to a centralized exchange
until this kind of blows over that's not
a guarantee either certainly but maybe
it's better than having your own
hardware wallet or your hot wallet
and you don't know how and if it will be
compromised we'll be keeping you guys
posted but always not your keys not
your crypto if it's in cold storage
that's the best type of security you can
have.