Monday August 15, 2022

Major Exchanges Recommend Solana Investors to Move Their Holdings
  • CEO of major crypto exchanges advised SOL investors to move their assets to their exchanges.
  • CZ tweeted that there is an active security incident on Solana.

The CEOs of prominent crypto exchanges have a recent update regarding the ongoing issues about Solana. According to the reports, Binance‘s CEO, Changpeng Zhao, KuCoin’s Johnny Lyu, and OKX’s Jay Hao advised Solana (SOL) investors to transfer their holdings to their exchanges as an immediate security measure after the recent hacking. 

Investors were forewarned by CZ of an active security incident on Solana that had drained assets from over 7000 wallets in SOL and USD Coin (USDC). He advised investors who had been hacked to move their funds to Binance or a cold wallet.

Exchange’s Concern About Security

Along with CZ, Johnny Lyu assured KuCoin users that the hack did not affect any SOL assets. He added that the firm has close contact with the Solana team and blacklisted the suspect addresses as asked. Additionally, Jay Hao suggested that the investors can transfer their holdings to OKX to safeguard themselves against theft.

Users who claim money from well-known internet-connected hot wallets like Phantom, Slope, and Trust Wallet have been siphoned off without their knowledge claiming the most recent bitcoin breach involved the Solana network. Multiple Solana addresses were impacted by the large hack since the private keys to numerous wallets were taken. Over $5 million worth of SOL, SPL, and other tokens have been taken.

See also  BTC, ETH, XRP, ADA and SOL Price Analysis for August 13
Betway MENA Sports $50 SOB banners

Following this, Phantom stated: 

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.

Meanwhile, other cryptocurrency exchanges, like Bybit, have preemptively blocked all deposits and withdrawals of assets on the Solana blockchain because of the ambiguity surrounding the hacker’s capability and scope.

Recommended For You


Leave a Reply

Your email address will not be published.