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August 4, 2022

Sam Bankman-Fried Reiterate His Support For Solana

A day after Solana was subjected to a significant exploit, FTX CEO Sam Bankman-Fried (SBF) publicly backed the SOL coin. Solana is now the most underrated cryptocurrency, according to SBF, who said as much in a recent interview with Fortune magazine.

He said that despite all the negative publicity, Solana has effectively resolved two-thirds of its technical problems. He continued by saying that he is optimistic that it will pass the last third. In the conversation, the FTX director said:

Any blockchain that attempted to achieve what Solana did would have collapsed. This allowed it to determine what needed to be improved. The thing that other blockchains “should be doing” is pushing the envelope to see what breaks.

Bankman-Fried recently compared the wallet scams at Nomad and Solana and stated:

This is a perfect illustration of how something might be overlooked. When a random dAPP is hacked, the underlying blockchain is held responsible. (To be clear, neither the core nor the internal infrastructure had any problems. Some users only utilized a single third-party program.)

Nearly 8000 wallets were hacked late on Tuesday, causing over $7 million worth of SOL tokens to disappear. Further analysis reveals that Slope’s mobile apps were hacked, despite prior reports that the Phantom wallets had been compromised. Solana just posted an update on Twitter, saying:

It seems impacted addresses were once generated, imported, or used in Slope mobile wallet programs, according to an examination by developers, ecosystem teams, and security auditors.

Additionally, it said that the attack only affected one wallet on Solana. However, slope continues to employ only secure hardware wallets. Solana continues by saying that there is no proof that the Solana protocol’s encryption has been hacked.

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The new incident is yet another illustration of how wallet operators are vulnerable and how crucial cold storage is.