Latest Attack On Solana-Based Wallets Linked To Slope

The latest attack on Solana-based wallets has been linked to Web3 wallet provider Slope.

Following yesterday’s destruction of the Solana ecosystem, information is now emerging suggesting that the latest attack on Solana-based wallets was linked to wallet provider Slope who is largely to blame for the security flaw that allowed thousands of Solana customers to have their cryptocurrency stolen.

Slope is a layer-1 (L1) Web3 wallet provider for the Solana blockchain. The Solana Foundation accused Slope of being responsible for the issue on August 3 via the Solana Status Twitter account, saying that “it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.”

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. 1/2

— Solana Status (@SolanaStatus) August 3, 2022

Anatoly Yakovenko, a co-founder of Solana, also connected Slope wallets to the attack on his own Twitter account. He advised users that they need to quickly recreate a seed phrase from a different source i.e. other than Slope. Additionally, he advised one of the impacted users to “Start practicing the cold/hot wallet distinction.”

The community started to notice that their cryptocurrency wallets were being drained of their Solana (SOL) and other tokens on August 2, which is when the Solana-based wallet exploits first appeared. An estimated $8 million worth of cryptocurrency was taken from close to 8,000 wallets.

According to the findings of the Solana Foundation’s research, each wallet that was compromised during the attack had its private keys “inadvertently uploaded to an application monitoring service” like Slope. The protocol and its cryptography of Solana were not at any risk from the attack, it was said.

There are many rumors claiming that Slope may have kept track of user seed words on its centralized servers. The servers may have been taken over, exposing seed phrases that might have been used by hackers to carry out transactions.
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Many people were led to believe there might be a larger problem with Solana’s protocol by earlier reports of the attack on the day that claimed that predominantly users of Slope and Phantom hot wallets were being targeted. However, further analysis, shared by Solana’s head of communications Austin Fedora, revealed that the problem was restricted to just hot wallets.

Although 60% of the attack’s victims used Phantom, according to Fedora, those that were impacted did not create their seed phrase with Phantom.

A number of Slope wallets were compromised in the attack, including some belonging to its own workers, according to a statement Slope released on Wednesday regarding the status of its continuing investigation into the matter.

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