The Third Largest Digital Currency Wallet was Hacked

On August 3rd, a number of digital currency users complained that their assets held in hot wallets, such as Phantom, Slope, and Trust Wallet, had been emptied. Nearly 8,000 digital wallets, including those holding Solana’s sol token and USD Coin, have stolen a little over $5.2 million in digital coins, claims blockchain analytics company Elliptic (USDC).

 In the first two hours after the breach, Solana’s sol token, one of the biggest cryptocurrencies behind bitcoin and Ether, fell by 8%. The Solana Foundation conducted a preliminary investigation and discovered that Slope’s private critical information was accidentally sent to the application monitoring provider, where hackers used it. The damage is still expanding.

 Multiple power outages and other technical issues have occurred in Solana. The hack of digital wallets further demonstrates an unstable and insecure market for digital currencies. According to analysis, the market for digital currencies has become more volatile, with popular digital currencies like Bitcoin, Ether, and Solana all suffering significant losses. And some of them are used as instruments for money laundering by market manipulators. Investors should make an effort to avoid them. Only digital currencies with centralized administration and decentralized technology will emerge victorious from the massive wave.