As the Solana hack investigation continues, one mobile crypto wallet app came into suspicion: Slope. During the events of the hack between the evening of August 2 to the following morning on August 3, Slope was the first to declare that thousands of Solana users’ tokens went missing, costing an approximate amount of $4.5 million.
The wallet app said it came up with theories behind the breach but without a conclusion.
Origins of SOL Hack Still Remain Unknown
Slope stated that all staff members “feel the community’s pain” after the breach. The company said that the key members will work on the incident and provide a full explanation after the investigation.
It could earn the users’ trust again once it presents a transparent answer including the motive, causes, and elaborations.
After the hack, Slope advised users to create a new wallet with another seed phrase for them to import the money from the already-violated wallets. However, even after all the hacks, cold hardware wallets remained unaffected.
Solana Labs Acknowledged Slope Findings
Soon after the thread of Slope’s information, Solana stepped in to check the heist’s roots further. According to the tweet thread from Solana Status, “After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”
Solana did not point fingers at which app started the mess but they did imply that the exploit first showed up on Slope.
Worst Exploit Yet or More to Come?
As hacks consecutively happen in the blockchain since the start of 2022, many potential investors started to question decentralized technology and whether it is truly secure or not. Sure, DeFi may distance itself from the government and private corporations but does it get over attackers that take advantage of the independence?
Long-time investors like Warren Buffett and Bill Gates already called out cryptocurrency years ago, citing it as the “wild west” of investments due to volatility and common theft.
With governments imposing strict regulations on crypto, perhaps the time of “digital outlaws” may soon come to an end.
In the meantime, developers are doing their best to improve the security of their projects to solidify the trust of investors and future buyers.
The current bear market still strikes fear in the audience, but if the hacks do not stop soon, current investors may lift out of the market and may not find new buyers before long.