Solana Fixes Serious Bug to Prevent SOL Token Minting Risk
Highlights
- The flaw targeted Solana's Token-2022 and ZK ElGamal Proof programs but was promptly patched without any exploits.
- Solana continues to hit new milestones with platforms like Pump.fun generating $294 million in fees this year.
- SOL price has gained over 20% in the past month, with analysts forecasting further gains.
The team at Solana Foundation has released a critical bug fix, which would otherwise allow attackers to mint unauthorized tokens and withdraw the same from user accounts. In its recent diagnosis, the Foundation detailed the flaw that forged invalid proofs affecting Solana’s privacy-focused “Token-22 confidential tokens”. Although the SOL price took a dive to $140 levels earlier today, it has bounced back to $147 at press time, with a 12% surge in daily trading volumes.
Solana Foundation Confirms No Exploits
The Solana Foundation has confirmed no exploits at all, as the validators have successfully implemented the patched version in order to address this bug. The investigation showed that the security vulnerability targeted two programs: Token-2022 and ZK ElGamal Proof.
The Token-2022 program manages core application logic for token mints and accounts on Solana. On the other hand, the ZK ElGamal Proof system ensures the validity of zero-knowledge proofs, verifying accurate account balances.
The Foundation said some algebra parts were left out of the hash when creating the transcript in the Fiat-Shamir Transformation. Because of this mistake, an attacker might have been able to take advantage of the missing parts to create a fake proof that still looked valid. This could let them mint and steal Token-22 confidential tokens.
The Foundation identified this vulnerability on April 16, and quickly deployed patches for the same. Moreover, the security fix was mainly created by the Solana development teams Anza, Firedancer, and Jito.
Key Milestones Achieved By SOL
The Solana blockchain has witnessed increased network activity, with its Q1 revenue surpassing that of its peers. Also, the native memecoin launching platform Pump.fun has contributed majorly to this revenue pump. So far this year, PumpFun has earned $294 million in fees, beating Ethereum’s $249 million. It has also brought in more weekly fees than Ethereum for nine weeks in a row.
The SOL price has witnessed strong momentum with over 20% gains on the monthly chart, and is looking to break past the crucial resistance of $150. Crypto analyst Satoshi Owl has expressed optimism about Solana’s price trajectory, forecasting a potential surge to $160 by next week.
As reported by CoinGape, if the SOL price reclaims the $168-$170 zone, it could kickstart the next stage of the rally to $300 and beyond.
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