“Wallet hack” puts unpleasant label on Solana
Solana’s SOL token ends this happy week for the blockchain at 9.93% cheaper than its opening price. This result puts SOL in second place from the end on the list of Top 100 Cryptocurrencies by CoinMarketCap weekly performance.
It is likely that such negative price action of SOL was aggravated by the situation with the hacking of wallets on the blockchain. As soon as the news of the hacking of Solana wallets became known, SOL dropped by 9%. At the same time, Solana still ranks ninth in the top cryptocurrencies by market capitalization with an estimated value of all circulating SOL tokens at $13.86 billion.
Solana’s Good and Bad PR
Throughout the week there was various speculation about whether and how, in the end, the version that the Slope application was to blame was presented. As it turned out, Slope was storing seed phrases from wallets on centralized servers. Commenting on the situation, Andrei Yakovenko, the head of Solana Labs, said that any user who at least once imported his seed phrase into Slope could compromise it.
Sam Bankman-Fried, founder of FTX and one of the most prominent figures in the crypto market at the moment, also expressed his support for the project. According to the entrepreneur, because of bad PR Solana is the most undervalued project right now, and the SOL token is the most undervalued digital asset. He also said that any other project would break down the same way if it tried to do what Solana does.
Also, it would be wrong to ignore that Sam Banksman-Fried is directly affiliated with Solana with his FTX and Alameda, and Entrepreneur’s comments should be taken from that perspective.
