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Solana Exploit Possibly Caused by Slope Wallet Vulnerability

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Solana Exploit Possibly Caused by Slope Wallet Vulnerability
  • A bug in Slope wallets is believed to be behind the recent theft from Solana wallets.
  • Nearly $6 million was stolen from 9,000 addresses.
  • Teams are still continuing their investigation and will publish a full report later.

The recent attack on Solana wallets that saw 9,000 addresses drained of nearly $6 million has been attributed to compromised private keys on Slope mobile wallet applications. An initial investigation by the teams says that the private key details of the compromised wallets were inadvertently transferred to a third party.

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

After developers, ecosystem teams, and security auditors began investigating the attack, they noticed that the affected addresses were at one point created, imported, or used in Slope mobile wallet applications. They also noticed that the exploit was isolated to one wallet on Solana, and hardware wallets used by Slope remain secure.

While Slope continues its investigation, it has asked all Slope users to create a new and unique seed phrase wallet and transfer all their assets there. Hardware users remain safe and do have to worry about their keys. The team will publish a full post-mortem later.

Four attackers have been identified, attacking about 9,000 unique wallets. So far, all those investigating have said that there does not appear to be a bug within the Solana code. It is the software used by popular wallet providers that appear to have been vulnerable.

Solana Labs co-founder Anatoly Yakovenko said that the attack seemed like “an iOS supply chain attack,” though he later noted that Android users seemed to be affected as well. He also concluded that it was likely a bug specific to Slope.

Seems like an iOS supply chain attack. Multiple plausible wallets that only received sol and had no interactions beyond receiving have been affected. https://t.co/ne0g3ZmLH5

As well as key that were imported into iOS, and generated externally.https://t.co/hStAr1mU6Q

— SMS aey.sol, 🇺🇸 (@aeyakovenko) August 3, 2022

Hacks Continue in Crypto Space

There has been no shortage of hacks in the crypto market in 2022, and the number of incidents being reported seems to be increasing by the day. A SlowMist report that was published recently said that crypto hacks have stolen over $1 billion from DeFi alone in 2022.

Digital artist Beeple’s Twitter account was also hacked recently, with hackers managing to steal $400,000 worth of crypto funds by posting phishing links. Phishing has become a popular means of attack among bad actors this year.

Some of these attacks have been attributed to the North Korea-linked Lazarus Group. This group is believed to have been behind the $100 million Harmony Protocol Horizon Bridge hack, among many other such hacks.

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Ethereum

Huobi Founder Keen On Selling Majority Of His Stake At $3 Billion Value: Report 

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Huobi Founder Keen On Selling Majority Of His Stake At $3 Billion Value: Report 
  • Crypto exchange Huobi’s founder Leon Li is reportedly in talks with financiers to sell his stake in the firm
  • Potential buyers include Justin Sun of Tron and FTX CEO Sam Bankman-Fried

Per a recent Bloomberg report, Huobi founder Leon Li is currently in talks with a bunch of investors to sell the majority of his stake in the Huobi crypto exchange at a price of nearly $1 billion. 

Huobi Founder Is Reportedly In Talks To Sell 60% Of His Stake

Per a recently published Bloomberg report, Huobi’s founder is reportedly in talks with financiers to sell 60% of his stake to potential buyers. The report further states that the deal could be finalized sometime later this month. 

Citing people familiar with the matter, Bloomberg added that the potential list of buyers involves prominent crypto industry names including Justin Sun, founder of cryptocurrency Tron and Crypto billionaire and CEO of FTX exchange Sam Bankman-Fried. The report also adds that SBF and Sun had earlier established talks with Huobi concerning the acquisition of shares.  

In addition to this, the report mentions ZhenFund and Sequoia China as “existing backers,” who were made aware of Huobi’s decision in the shareholder’s meeting held in July. Per the report, Li is seeking a valuation between $2 billion to $3 billion. 

A Huobi spokesperson has shed more details on the matter, reporting that Li is currently in process of conducting a discussion with several international institutions concerning the stake sale, but has refused to offer specific details concerning the transaction. 

“He hopes that the new shareholders will be more powerful and resourceful and that they will value the Huobi brand and invest more capital and energy to drive the growth of Huobi,” the spokesperson said in an emailed statement to Bloomberg

Launched in 2013 in China, Huobi is one of the leading crypto exchanges that has consistently been expanding its work portfolio. The exchange has recently acquired a license to operate and offer services in Australia and had earlier acquired the necessary permissions to operate in New Zealand. 

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Robinhood To Face US Market Manipulation Claims Over “Meme Stock” Rally : Reuters Report

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Robinhood To Face US Market Manipulation Claims Over “Meme Stock” Rally : Reuters Report

TL;DR

  • According to a U.S judge, the stock trading platform Robinhood Markets Inc should face market manipulation claims.
  • This lawsuit was one of many brought against the platform after it temporarily barred customers from purchasing stocks back in Jan 2021, such as GameStop and AMC.
  • Robinhood prices surged in May after the CEO of FTX SBF announced that he had purchased stake in the company.

Robinhood Judge Rules That Robinhood Should Face Market Manipulation Claims

According to Reuters, a U.S Judge ruled on Thursday that stock trading platform Robinhood Markets Inc should face market manipulation claims.

Judge Cecilia Altonaga said in the ruling that investors in GameStop Corp (GME), AMC Entertainment Holdings INC (AMC), and seven other stocks could proceed with the proposed class action lawsuit.

This lawsuit comes after retail trading company Robinhood temporarily barred customers from buying certain stocks in January 2021. 

The “meme stock rally” was mainly social media-fueled, and the shares of the companies mentioned were involved in a short squeeze that led Robinhood and other trading platforms to restrict retail trading. 

Attorneys for Robinhood did not reply to a request for comment. 

Robinhood Stocks Soared after SBF Confirmed he had Stake in company

Robinhood stock prices surged earlier in May of this year after the CEO of crypto exchange FTX Sam Bankman-Fried announced he had purchased a 7.6% stake in the company.

According to the filing, SBF paid a total of $648 million to acquire a 7.6% stake in Robinhood.

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Ethereum Merge Tentative Date Is Set And It’s Sooner Than You Think

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Ethereum Merge Tentative Date Is Set And It’s Sooner Than You Think
  • The Ethereum core developer team has discussed the tentative dates for the Merge to take place.
  • The dates are not definitive; however, the devs have agreed that the Bellatrix update would land on September 6, and the Paris update would target September 15.
  • The Merge is planned to take place before the end of September.
  • It aims to resolve the core problems Ethereum faces today, such as security, scalability, and environmental stability.

The Ethereum Core developer team suggested possible dates for the Merge on their latest Consensus Layer Call earlier today. 

The Merge, which successfully completed the final testnet phase on August 11 of this month, is one of the most anticipated events in Ethereum’s history. 

Read more: Ethereum Price Headed to $2,000 as Ethereum Goerli Merge Goes Live

The initial dates were set on September 17; however, during the call, the core developers agreed on roughly two dates for the main upgrades. The consensus so far is that the 144896 epoch for the Bellatrix upgrade would land on September 6, and the Paris upgrade would be completed by September 15.

As discussed on the call, the developers mentioned that the dates are not definitive and can be changed within the coming weeks. 

The Merge should occur after the Bellatrix mainnet upgrade before the end of September. Ethereum’s Eth token has already rallied 17.5% in anticipation of the Merge. The upgrade will go as scheduled unless the Ethereum hash rate falls significantly, which would cause lower block times and delay the Merge’s expected time. 

The Merge aims to resolve security, scalability, and environmental sustainability. All of these issues have been concerns that have halted Ethereum adoption and the adoption of other cryptocurrencies on the Ethereum network.

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