Amid the news that Solana couldn’t resist the hack on Wednesday, prominent CEOs like Changpeng Zhao (CZ) of Binance, Johnny Lyu of KuCoin, and Jay Hao of OKX recommended SOL investors transfer their funds. assets to the exchange for immediate safety.

Many blockchain investigators and investors have flagged the alleged widespread private key breach that allowed attackers to steal SOL native tokens and Solana-compatible SPLs like USDC from Phantom and Slope wallets.

However, the root cause of the attack remains a mystery as all parties, including Solana and Phantom, deny the fault is on their part. Phantom has expressed its official position on the matter:

“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.”

In parallel with the ongoing investigations into the Solana glitch, CZ warned investors that an “active security incident on Solana” had withdrawn SOL and USDC from over 7000 wallets. He advises those who have not been hacked to move assets to cold wallets or Binance.

Lyu gave the same assurance to KuCoin users as he confirmed all SOL was not affected by the hack:

However, Hao repeated CZ’s recommendation and reminded investors to move assets to OKX to protect themselves.

Due to the unknown risk and reach of hackers, other exchanges like Bybit have proactively suspended all deposits and withdrawals of assets on the Solana blockchain.

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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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

CEOs Of Binance, KuCoin, And OKX ‘Wind Up’ Safely Amid The FUD Storm Solana

Amid the news that Solana couldn’t resist the hack on Wednesday, prominent CEOs like Changpeng Zhao (CZ) of Binance, Johnny Lyu of KuCoin, and Jay Hao of OKX recommended SOL investors transfer their funds. assets to the exchange for immediate safety.

Many blockchain investigators and investors have flagged the alleged widespread private key breach that allowed attackers to steal SOL native tokens and Solana-compatible SPLs like USDC from Phantom and Slope wallets.

However, the root cause of the attack remains a mystery as all parties, including Solana and Phantom, deny the fault is on their part. Phantom has expressed its official position on the matter:

“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.”

In parallel with the ongoing investigations into the Solana glitch, CZ warned investors that an “active security incident on Solana” had withdrawn SOL and USDC from over 7000 wallets. He advises those who have not been hacked to move assets to cold wallets or Binance.

There is an active security incident on Solana. Many (7000+ and counting) wallets are drained of SOL & USDC. Don't know root cause yet. Maybe permissions granted to apps. For remediation, send the funds to a cold wallet or CEX like @Binance. https://t.co/nQrBXAgCbf

— CZ ???? BNB (@cz_binance) August 3, 2022

Lyu gave the same assurance to KuCoin users as he confirmed all SOL was not affected by the hack:

We have noticed the ongoing #Solana wallets exploit. Users can be reassured that their $SOL assets with #KuCoin are safe.

We’re in close contact with the Solana team and have blocked the suspicious addresses as requested. Still checking other ways to help.

Stay Safe! ????

— Johnny_KuCoin (@lyu_johnny) August 3, 2022

However, Hao repeated CZ’s recommendation and reminded investors to move assets to OKX to protect themselves.

There are reports that a massive #Solana hack has more than 7,500 hot wallets drained.

It might be advisable to move your funds to a hardware wallet, or a trusted exchange like #OKX to protect yourself from this hack.

Stay safe out there.

— OKX Intern (@okx_intern) August 3, 2022

Due to the unknown risk and reach of hackers, other exchanges like Bybit have proactively suspended all deposits and withdrawals of assets on the Solana blockchain.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

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