Phantom Claims That The $4 Million Hack Did Not Damage Its Systems

Phantom, a Web3 wallet provider, made it clear late on Tuesday that none of its systems had been compromised before hackers used a wallet exploit to steal $4.08 million from 9,230 wallets.

After almost a week of research, Phantom (PT) reported on Tuesday that security auditors had not found any flaws that would have connected it to the attack.

“After almost a week of investigation, our team has not found any evidence that PT’s systems were compromised during the August 2nd security incident,” the wallet provider said in a tweet.

Phantom, Slope, Sollet, and Solflare may have been subject to an iOS “supply chain attack”

Later, Solana engineers discovered that the Slope wallet program was entirely to blame for the entire problem. The Slope program was allegedly used to create, import, or use all of the compromised addresses, according to the Solana team.

Security company Otter, which discovered that seed phrases produced by the Slope wallet were accidentally sent to its server and preserved in plain readable language, independently corroborated this discovery. Due to the breach’s presumably inadequate security quality, hackers were able to obtain the seed phrases and siphon off money.

Phantom has identified a non-Phantom source as being in charge of some of its impacted users in a statement. While some PT users were impacted, it was discovered that they had imported their seed phrases or private keys to or from a wallet that wasn’t Phantom in every case that was examined, the statement read.

Slope said in a statement on August 4 that it didn’t have a conclusive explanation for the reason for the breach. Slope said in its most recent statement on Monday that it is concluding its investigation while collaborating with law enforcement agencies and blockchain intelligence company TRM Labs.

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