Claim BonusFTX Chief Sam Bankman-Fried Backs Solana (SOL) A Day After Major Exploit, Here’s Why
A day after Solana faced a major exploit, FTX chief Sam Bankman-Fried came out supporting the SOL cryptocurrency. During his recent interview with the Fortune publication, SBF said that Solana is the most under-rated cryptocurrency as of now.
He further noted that despite all the bad PR, Solana has successfully worked through 2/3rd of its technological issues. He further added that he’s confident that it will get through the other one-third. During the interview, the SBF chief said:
Any blockchain would’ve broken if it’d tried to do what Solana had done. This was a way for it to figure out what needed to be refined. Pushing the boundaries to see what breaks is what other blockchains “should be doing”.
Drawing a recent comparison between the wallet exploits at Nomad and Solana, SBF wrote:
This is a good example of how something can be under-rated. A random dAPP gets compromised and it’s blamed on the underlying blockchain. (To be clear, no core or internal infra had any issues! It was just a single third-party application some people used…)
Solana Clarifies About the Latest Exploit
On late Tuesday, more than 8000 wallets were compromised draining over $7 million in SOL tokens. However, it appeared earlier that the Phantom wallets have been compromised, and further investigation shows that Slope’s mobile applications were compromised. In the latest update on Twitter, Solana wrote:
After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.
It also added that the exploit was only related to one wallet on Solana. However, all other hardware wallets used by slope remain secure. Solana further adds that there’s no evidence of the Solana protocol and its cryptography getting compromised.
The recent event shows yet another example of the vulnerability of wallet operators and the importance of cold storage.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- TRU Token Plummets 100% After $26M Truebit Protocol Hack
- XRP News: Ripple-Backed Evernorth Taps Doppler to Boost Liquidity, Treasury on XRPL
- Zcash News: Ex-Devs Debuts “cashZ” Wallet Following New Startup Launch
- Morgan Stanley to Launch Crypto Wallet Amid Plans for BTC, ETH, SOL ETFs
- Bitcoin, Ethereum Options Worth $2.2B Set to Expire Tomorrow Amid Potential Trump Tariffs Ruling
- How CLARITY Act Could Impact Bitcoin, Ethereum, and Dogecoin Prices?
- Tesla Stock Price Prediction for Jan 2026 Ahead of Q4 Earnings Report
- Ethereum Price Eyes a 30% Surge as Vitalik Buterin Names it the ‘World’s Heartbeat’
- XRP Price Prediction After Spot XRP ETFs Record the First Outflow in 36 Days?
- XRP vs Solana Price: Which Could Outperform in January 2026?
- Meme Coin Price Prediction For Jan 2026: Dogecoin, Shiba Inu And Pepe Coin
