Hackers have targeted the Solana ecosystem, draining crypto funds from thousands of “hot” wallets connected to the internet. It seems hackers have been able to steal both Solana’s own cryptocurrency (SOL) and some compatible with the Solana blockchain, like the stablecoin USD Coin (USDC).
The apparent hack marks a fresh setback for Solana, which has been touted as one of the potential long-term winners of the crypto industry because it was built to handle thousands of trades a second but has faced a series of outages in recent months. The Solana Foundation said on Wednesday that “engineers from multiple ecosystems, with the help of several security firms, are investigating drained wallets on Solana”. In many recent crypto hacking episodes, users did not receive their funds back since transactions typically cannot be reversed on blockchains.