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Sellers dominated the trading of the cryptocurrency, with the trading volume going up 55.76 percent to $1,712,375,342.
The crypto token Solana is down 8.23 percent over the last 24 hours. Sellers dominated the trading of the cryptocurrency, with the trading volume going up 55.76 percent to $1,712,375,342 in the past few hours, as per data from CoinMarketCap.
The SOL token of the Solana blockchain network is crashing because of some recent events involving the Solana-based crypto wallets, such as Phantom and Slope.
As reported by Business Today on Wednesday, over $7 million have been stolen from Solana-based non-custodial crypto wallets recently.
This cyber attack is draining SOL, SPL, and other cryptocurrencies of the Solana ecosystem from unsuspecting investors.
The attack has exploited over 7000 wallets as of 11:00 AM IST and is targeting 20 wallets per minute, as per data from CoinMarketCap. The exploit is ongoing.
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Source: CoinMarketCap
Experts advise Solana investors to revoke third-party permissions on their crypto wallets.
Ashish Singhal, the co-founder of the crypto exchange CoinSwitch and former co-chair of the crypto industry body Blockchain and Crypto Assets Council of India (BACC), said, “If you use non-custodial wallets, you should revoke access to third-party apps until Solana and wallet providers like Phantom fix this.”
Experts also say that investors should move their cryptocurrencies away from hot wallets.
Smit Khakhkhar, Tech Diligence at the crypto-focused VC firm, Delta Blockchain Fund, told Business Today, “In the ongoing exploit, users should move their crypto holdings to cold wallets from hot wallets.”
In the crypto world, hot wallets refer to cryptocurrency wallets that are frequently connected to the internet. Their accessibility to the internet makes them more vulnerable to hacks and exploits.
On the other hand, cold wallets refer to wallets that are often hardware wallets and are not frequently connected to the internet.
Solana is currently trading at $38.24, with a live market cap of $13,471,776,290. - Businesstoday
