Solana (SOL) Becoming A Target For Phishing Attacks; Here’s Why

Slowmist, a blockchain security company has issued a warning for the users regarding recent Solana network phishing attacks. The company informed that these kinds of theft have been very frequent. Recently, Solana lost $320 million worth of Ethereum (ETH) from its DeFi token bridge Wormhole.

Slowmist raises red flags

Cryptocurrency and NFT ecosystem is full of possibilities and theft. The Slowmist has tracked over 650 hack events in which users have lost over $25 billion all over the world.

In a fresh reminder, the blockchain security company has raised alarm over the next possible NFT theft. The Slowmist explained how it is done.

1. The attacker airdrops NFTs to users in batches.
2. The user then enters the target website through the link received in the airdrop description (www_officialsolanarares_net).
3. Connects to the wallet, and clicks “Mint” on the page.
4. After approval, all SOL in the wallet will be transferred.

Just by clicking Approve, the user will interact with the threat planted by the attacker. The threat here is a malicious contract that instigates Solana Transfer. The Slowmist informs that these phishing attacks are on the increase.

The company has noted a concern regarding Solara Wallet Phantom’s security mechanism. There is no complete ‘risk warning’ for users which makes it easy for the users to be harmed.

Phishing attacks on the rise?

Highlighted phishing attempts are creating a security blind spot which is causing the users to lose their investment. The recent $320 million Wormhole hack has a major signal to tighten up the security on the blockchain. However, back in 2021 Solana-based digital wallet Phantom strengthened its cyber defenses.

Phantom’s Chris Kalani stressed that ‘We need to protect users from losing their funds from the phishing scams.’

Meanwhile, $600 million stolen from the Poly Network has been recorded as the biggest breach in the space of decentralised finance ever. However, the hacker returned the stolen assets after the network flashed the warning regarding the legal action can be taken against them.