The recent hack of Solana's hot wallets has seen $8 million drained, with more funds likely to be stolen as the hack is still ongoing.
The latest crypto hack has caused panic among users as reports come in about lost funds, with some warning anyone still storing money on Solana-based hot wallets such as Phantom and Slope to move their cryptocurrency over to cold wallets immediately.
Blockchain investigator PeckShield said the widespread hack is likely due to a "supply chain issue" that has been exploited to steal user private keys behind affected wallets. The estimated loss so far is around $8 million.
Phantom, a Solana-based wallet provider, comments that they are working with other teams to get to the bottom of this issue. However, it does not seem like a Phantom-specific problem at this time as other providers like Slope and non-fungible token (NFT) marketplace Magic Eden have reported similar problems and issues.
The developers of Magic Eden have confirmed that there is a widespread exploit involving SOL coins. They call users to revoke permission from suspicious links in their Phantom wallets.
In addition, Slope has also announced that they are working with Solana Labs and other protocols based on their platform to pinpoint the issue, though there have been "no major breakthroughs yet."