Solana Reportedly Facing Wallet Drain Attacks, Here’s What To Do?

The Solana network is allegedly facing a wallet drain incident. The incident comes at a time when continuous attacks have been happening since 2023. However, incidents on the Solana network had historically remained low, but now seem to be more in the limelight.

Solana Wallet Drain Incident

Numerous reports have surfaced recently about wallet theft on Solana. However, the perpetrator has not yet been apprehended. A cryptocurrency wallet drainer is made to automatically (and rapidly) empty cryptocurrency wallets by extracting all or only the most valuable assets from them and transferring them to the wallets of the drainer operators.

🚨 There is currently widespread news of wallets being drained on Solana with no culprit yet to be identified.

We recommend disconnecting from applications at this time.

— Compendium (@CompendiumFi) March 29, 2024

Solana Wallet Drains on Rise?

Since 2023, Solana users have been the target of sophisticated wallet-draining software. This is part of an increasing trend of crypto scams tied to airdrop phishing.

Two primary Solana wallet drainers have allegedly taken $4.17 million in cryptocurrency from 3,947 victims, according to research from blockchain security company Scam Sniffer. These vile drainers took advantage of more than 32,000 victims worldwide in 2023, claiming an enormous sum of $290 million.

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Wallet Drains an issue for the Market

A series of well-publicized wallet-draining hacks that paid off cybercriminals handsomely towards the end of 2023 occurred, and they weren’t limited to the Ethereum network.

The majority of the work involved in emptying victims’ cryptocurrency wallets may now be automated by drainers. They can first assist in estimating the worth of the cryptocurrency assets in a wallet and determining which are the most valuable. Secondly, they can swiftly and effectively siphon off assets by creating transactions and smart contracts. Lastly, they muddy up fraudulent transactions as much as possible, making it hard to figure out exactly what happens once the transaction is approved.

To stop this, one can always download programs and wallet software only from reputable sites. Steer clear of unreliable or third-party platforms. Frequent Inspections for security are also necessary. To identify and get rid of any risks, regularly check your devices for malware and make sure your antivirus program is up to date.

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