A hack has taken place on the Solana (SOL) network and it is still ongoing. The hack has reportedly affected over 8,000 wallets connected with Solana.

Solana Hack Causes Drainage of Multi-Million Funds

As the Solana hack has taken place, it has resulted in the drainage of more than 8,000 wallets.

The total amount that the hackers have reportedly hacked from the mentioned number of wallets is estimated to be from $4.5 million to $8 million.

There is misinformation being spread over the internet regarding stolen funds. It is being falsely communicated that $580 million worth of assets have been stolen.

In reality, it is just assets worth between $4.5 million and $8 million that the hackers have managed to steal. The data from MistTrack has shown that the hackers stole the funds through four addresses.

Funds Stolen were in the form of Cryptocurrencies

The data that has come from MisTrack has revealed that the hackers stole Ethereum (ETH), Bitcoin (BTC), Tether (USDT), USDC, and SOL.

The platform has revealed that other tokens that the hackers have stolen are EXIST and shitcoins. If their amount is summed, then the amount may be higher than the stolen funds.

In the light of more cryptocurrencies that have been stolen, the actual loss may be higher than the reported loss.

How was the Hack Reported?

As the hackers carried out their attack, the users started reporting that their funds had started vanishing from their wallets.

These were the hot wallets that were connected through the internet. The names of the breached wallets were TrustWallet, Slope, and Phantom. The users claimed that the funds in their wallets were drained without them knowing anything about it.

The users claimed they had interacted with no such platform or any kinds of contracts that could have led to them losing their funds.

Upon investigation, the teams confirmed that it was the actual owners’ signs that were embedded into the transactions. This meant that the private keys were compromised that were used by the hackers to steal the funds.

Advice by Solana

Following the hack, the Solana team asked the affected users to move the rest of their funds from the hot wallets to the hardware wallets.

It has been established that the wallets that were breached by the hackers were all those that were managed through smartphones.

SOL’s Current Market Situation

The teams are still investigating the case but the damage has been caused to SOL.

Ever since the hack was reported, SOL’s value has dipped by 4.1% in the past 24 hours. At the time of writing, SOL’s value is $38.67.

The investigation is still underway and more data is yet to come surrounding the hack.