Solana team found not to be involved in hacking cryptocurrency wallets

Point Network researchers have identified signs that the Solana development team was not involved in the cyberattack on users' crypto wallets. One of the arguments is that it could have happened to any cryptocurrency network.

As the analysts explained, the exploit affected only wallets that were created, imported, or used in the Slope and Phantom mobile applications. Accordingly, there was no bug in the core code of the Solana blockchain, and any user who has ever imported a passphrase into Slope can consider it compromised.

According to Point Network’s research, a third party has gained access to the wallet keys, in which case Solana cannot distinguish between the real owners of cryptocurrency addresses and fraudsters. «The root of the problem is that the Solana network has no way to distinguish between the real owner and the fake one, so that only the real owner can access the refund,» Point Network said, adding that this situation could happen to any network.

Interestingly, the value of Solana did not suffer much after the incident, despite the huge monetary losses of users. According to CoinMarketCap, SOL became the leader in the list of cryptocurrency trends on August 4. At the time of writing, SOL is trading at $ 40.20.