Solana Hack Explained: Must Read if Hackers Stole Your Solana

  • 8 Bullet Proof Ways Not to be Hacked
  • How to Secure Crypto?
  • Yet Another Cryptocurrency Hack
  • Solana Hack Explained

August 2 2022 was a disastrous day for many Solana holders who lost their cryptocurrencies through hacking. The attackers hacked 8,000 wallets connected to the Solana blockchain, draining $5.8 million worth of cryptocurrencies. Notably, the hackers attacked TrustWallet, Phantom and Slope wallets linked to the Solana blockchain and stole SOL, SPL, and Solana-based tokens.

Solana Hack Explained

So far, the engineers have concluded that the bug is connected to the software that is linked to several wallets. Although the investigators concluded that the bug did not affect the Solana core code, they are still investigating the exact point of failure. However, one thing is known for sure; the hackers did not steal any cryptocurrencies from cold wallets connected to the Solana system. Only hot wallets were compromised.

Hacks have plagued the cryptocurrency ecosystem for a long while now. As crypto adoption grows, the magnitude of the hacks will only get larger, as it has in recent years. Here are some ways to secure your crypto:

What tools can secure your crypto?

Cyber attackers can hack crypto wallets that are on your computers or smartphones. Although there are no hack-proof systems, you can take several measures to prevent attacks.

  1. Use Cold Wallets

A cold wallet is a device similar to a USB that stores your private key. It keeps your codes offline, lessening the chances of hackers accessing your cryptocurrencies via the internet. Hot wallets store your codes online, making them more vulnerable to internet pirates.

Already, the Solana wallet attack incident has shown us that attackers can easily hack hot wallets. That is why we should use cold wallets such as Ledger Nano X, Ledger Nano S and Trezor Model T. Unlike hot wallets such as MetaMask, which are free to use, you have to purchase cold wallets from reliable dealers.

Note that this protects you from online hacking risk, you still need to be wary of theft, burglary or absent-minded misplacing and losing your cold-wallet risk!

Solana Hack Explained
  1. Multi-Signature Wallets

Multi-signature wallets are more secure than wallets that depend on single private keys. With a Multi-signature wallet, there are two or more private keys to authorize transactions. Using several private keys reduces the chances of unauthorized transactions. For instance, you can use one private key on a computer and another on a smartphone.

  1. Use Firewalls

Firewalls provide an additional layer of protection for your computers and smartphones. A firewall is a software which monitors the network traffic on your gadget to stop hackers from accessing the computer or phone. They can block suspicious websites or malicious software from interfering with your gadget. Although many computers and mobile phones have inbuilt firewalls, you should purchase better-performing ones that provide extra protection for your gadget.

  1. Install Antiviruses and Anti-Spyware

Antivirus and anti-spyware software protect your computer or phone from malicious codes and software that can damage the operating system or track your activities, such as the websites you visit and your passwords used. Such viruses can slow down your computer or delete important files which protect your gadget and other installed programs such as your digital wallet. It can also detect and delete any potential threats. Good programs keep on updating themselves and evolve with the hackers’ new threats.

  1. Use Encryption on your Wallet’s Gadget

Encryption helps to stop hackers and other bad actors from reading your messages and accessing your files and documents. You can use BitLocker, FileVault or virtual private networks (VPNs) to encrypt USBs and the data in your files. These programs scramble your sensitive data, making it harder for hackers to decode and interpret the information. In addition, VPNs mask your network activities, concealing your true location and network information.

  1. Use Multi-Factor Authentication (MFA)

Multi-factor authentication helps to reduce the possibility of hacking and data theft. Using various factors to validate that you are the rightful owner of the wallet can help to stop hackers from stealing your cryptocurrencies and other digital assets. Such verification ensures that there is a cover-up if there is a point of failure in any one of your security measures. 2FA push notifications and SMS are the most common means of authentication. However, you can also use more advanced ways such as retina scanning, voice recognition, or fingerprint authentication.

Solana Hack Explained: Must Read if Hackers Stole Your Solana 1
  1. Use a Password Manager

A password manager is a software program which creates passwords randomly and keeps them safe and stored. This enables you to create various passwords for the different websites and applications that you have. Most people use a similar password for multiple websites and applications. But this is risky because then a hacker needs only to crack your codes once to gain access to everything!

  1. Avoid Risky Places!

How do you secure your home and lower your chances of a burglary?

You can install security cameras. You can upgrade your locks. You can have a guard dog. You can have a security guard, etc.

See a pattern? These are all measures taken to protect yourself in the attempted event of a burglary.

But there is another way to reduce your risk; reduce the chances of the event! This can be done by choosing to live in a safer neighborhood where burglaries are less common.

The same principle applies to securing your crypto. An effective means of digital security is simply avoiding shady websites, ICOs, exchanges, etc. This can be done with a bit of common sense, quick Google checks for obvious scams and frauds, and proper due diligence of any crypto investment you may consider.

Conclusion

The hacking of the Solana wallets has given the crypto sector old but still relevant lessons about securing one’s crypto assets. Cold wallets and other common digital tools, as well as multi-factor authentication routes, can beef up the security of your wallets, smartphones and computer. Avoid shady websites and ‘opportunities’ to reduce your risks of being attacked. Be safe out there!

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