Solana Excel Sheet Opened Up Wallets Cleaned Out
Solana or rather SQLana has been a cockup ever since its launch, apart from Ethereum, it's probably the one chain with the most hacks and fails on it over the last 2 years. The wormhole fail was one of the biggest fails in shitcoins hitting over a half a billion in value stolen, and that was a bridge between ETH and Solana.
Btw not the first or the last bridge to fail, as the nomad and Ronin have proved in recent memory.
I woke up this week to see Solana once again showing why bitcoin being boring and secure is the real killer app. I've come to the realisation that bitcoin doesn't have to beat out shitcoins, it will just outlast them, as these chains race to "innovate" they will always expose themselves to hacks and vulnerabilities.
As faith is lost in these chains that value simply moves over to bitcoin. The burden of proof is no longer on bitcoin to show why it's better, it keeps proving it by locking in the next block every 10 minutes or so with no downtime.
8000 and counting
I've looked around and details of the hack are unclear at this point, but it appears that some users of software Solana wallets Phantom and Slope are having funds drained from them.
According to reports over 8000 wallets have been affected and it's happening for users of both mobile wallets and browser extensions.
https://twitter.com/PeckShieldAlert/status/1554674781383180289
Solana has been promoting itself as the speedy version of ETH and I totally agree, it's really shown how the faster you try to compete the faster capital gets drained from your system because you have the security of swiss cheese.
SOL has obviously taken a hit and is down around 8% so far as those who see everything as a buy-the-dip opportunity still hold the floor on this garbage.
Shitcoin wallets don't have enough entropy
The problem with shitcoin wallets is to have access to it all the time to sign in and out of apps, you need to have a set of keys hot on a device at all times, those keys can always be compromises because you're probably using some shoddy wallet software to run it.
Even Solana themselves are basically admitting to it by telling people to move their funds to a hardware wallet where keys are created offline.
https://twitter.com/SolanaStatus/status/1554696034533740546
Even then this may save your wallet but doesn't do a whole lot for the network, i've already expalined in the past why self custody of shitcoins is a pointless exercise but the security theatre I guess helps shitcoiners feel like they're doing something.
As is the case with chain fails, the copium on Twitter and discord are at an all-time high and I sure am enjoying the shitcoiner tears, here's a toast to you So-losers!
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Earn Free bitcoin & shop | Earn Free Bitcoin & shop | Claim Free Bitcoin & Shop |
|---|---|---|
 |  |  |
Posted Using LeoFinance Beta
It now appears Slope actually sent clear text keys to their servers and stored them in clear text.
If I ever had any belief that even one of the systems on Hive was sending keys off my local machine instead of encrypting them in my local storage I'd renounce the entire eco system which allowed that.
Even then it's making me reconsider how much Hive and HBD I store at instant call and perhaps I really should consider a hardware wallet just to have 10000 Hive or so in an account that I can get to but with some degree of inconvenience.
one of my many issues with these other chains so called wallets, unlike bitcoin where there's a bunch of wallets, if one software implementation has an issue you cam switch to a new one, the smaller chains hardly have other options, you're forced into 1 or 2 if you want to use their service and because you're keys are always hot because you want to interact with the chain and most people just use one wallet, it creates situations like this
In POS/DPOS it doesn't pay to hold your goodies offline because you're getting diluted by the inflation, so I get why people don't want to do it, they all racing to keep their funds competing for new inflation where with bitcoin I just lock it away don't think about it so it's not much of a bother
If you hold shitcoins on an exchange you get wiped out and also from your own wallet. You can't make this sh.t up!!
Lol seems like you're starting to get it now, when it shitcoins your money is always at risk
Slowly. Lol
Your posts are great. They warn us what not to buy. I also believe that Solana is one of those blockchains with the most interruptions in the last year. The advice that came from Solana, namely to transfer funds from the Phantom Wallet to a digital exchange was incredible, at first I thought it was a joke.
These chains are a joke man, they're just glorified play grounds and if you want to play more power too you, but I am going to make fun of people who don't listen, I think I get to enjoy that I told you so especially after all the shit I take for being a close minded maxi
Solana has been shilled hard, supposedly because this blockchain was innovative, one of the games I play encouraged its players to use Solana I was about to install Phantom because of this but opted for Metamask instead.
One needs to be careful with what wallet is using until now I only have trusted Hive's one. Is Hive so secure as it seems?, Keychain seems an excellent asset for our wallet's security, idk why other blockchains can't do decent apps like the one we have.
Well also to be relatively unknown as Hive has it's advantages I guess, hackers aren't focused on us. This blockchain should be much more recognized than it is IMO.
Exactly peoole aren’t going to bother trying to hack a product here because the pay off is so small and the liquidity isn’t there. So you’re security is based on how insignificant the project is
Personally I don’t trust any wallet with hot keys not a bitcoin nor lightning I use them as if I know they can be breached and never expose too much funds too it
Hahaha, sure, anyways these guys were sending keys in text without encryption lmao, Keychain at least does this, right?. I mean of course I bet that if hackers would target us they would find a way, but is also a bit more difficult here.
Hive Keychain's origins and it's current support by the DHF give the project a really good base.
And these features of Hive: locking up for Hive Power; savings for HBD; revocable keys and yes our relative obscurity make exploiting us at an account level very unappealing.
Yes that's true, but if you're signing with the wrong key, which MANY people do, you can quickly give up ownership of your account, look how many people got MIM'd or phished out of their accounts here with a simple comment, that can't be dev'd away, if people "enjoy convenience" they don't value security so having pain points for the user means pain points for the attacker too
A bunch of the dudes in the crypto discord I’m in for butthurt by the shit Sol went through. I bought 1 Sol a while ago to have it to sell later but these dudes trade it all the time and stuff. I don’t know if any of them got their funds stolen but I keep telling them stop sleeping on a place like hive. It’s got it’s issues certainly but they waste so much time on these shitcoins when they could just accumulate hive if they are looking for anything that’s not bitcoin. A few of them had said they keep getting mad at all these hacks and funds stolen by exchanges like Celsius going belly up. I’m sitting back and eating popcorn, buying bitcoin and sending it over to my hardware wallet lol
Posted Using LeoFinance Beta
It's a momentum chasing game, the reason people hang around solana, eth and EVM chains is because they hoping to hold a position and when a new app is launched that brings in new users, they can dump into those new users.
When dudes go pitch their app to VCs they have to do it on VC funded chains so you build up a portfolio as a VC with exposure to this chain, that chain etc, It's just a game of where do we think they money will flow next
As for this chain, it's a fork of a dead project that run on the ICO buzz, no one here has raised any capital so they're not going to get media mentions, they not going to have funding to hire paid shills so you're not going to drive capital here.
Apart from SPT who got funding by a complete grifter as one of the LPs none of the projects here are in the right circles where the deals get done
Great Post!!
!1UP
Click the banner to join "The Cartel" Discord server to know more!
You have received a 1UP from @luizeba!
@leo-curator, @ctp-curator, @vyb-curator, @pob-curator, @neoxag-curator, @pal-curator
And they will bring !PIZZA 🍕.
Learn more about our delegation service to earn daily rewards. Join the Cartel on Discord.