Binance, KuCoin, OKX CEOs flex safety amid Solana FUD storm

With Solana hitting the headlines for succumbing to a hack on Wednesday, distinguished crypto CEOs — together with Binance’s Changpeng “CZ” Zhao, KuCoin’s Johnny Lyu and OKX’s Jay Hao — beneficial that Solana (SOL) buyers transfer their holdings over to their very own exchanges as an instantaneous safety measure.

Quite a few blockchain investigators and crypto buyers flagged an alleged widespread personal key compromise, permitting the attacker to steal native SOL tokens and Solana-compatible SPL tokens resembling USD Coin (USDC) from Phantom and Slope wallets. Nonetheless, the foundation reason behind the assault stays a thriller as all events, together with Solana and Phantom, denied faults at their ends. Phantom’s official stance on the matter shared with Cointelegraph:

“We’re working intently with different groups to resolve a reported vulnerability within the Solana ecosystem. At the moment, the crew doesn’t imagine this can be a Phantom-specific concern.”

Parallel to the continuing investigations of the Solana fiasco, CZ warned buyers of “an energetic safety incident on Solana” that drained funds in SOL and USD Coin (USDC) off over 7000 wallets. His advice to unhacked buyers was to switch their belongings to a chilly pockets or Binance.

There may be an energetic safety incident on Solana. Many (7000+ and counting) wallets are drained of SOL & USDC. Do not know root trigger but. Possibly permissions granted to apps. For remediation, ship the funds to a chilly pockets or CEX like @Binance. https://t.co/nQrBXAgCbf

— CZ Binance (@cz_binance) August 3, 2022

Lyu gave the same assurance to KuCoin customers as he confirmed that each one SOL belongings weren’t impacted by the hack; as he stated:

“We’re in shut contact with the Solana crew and have blocked the suspicious addresses as requested.”

Hao, nonetheless, echoed CZ’s advice as he suggested buyers to maneuver their belongings to OKX to guard themselves from the hack.

There are studies {that a} huge #Solana hack has greater than 7,500 scorching wallets drained.

It is likely to be advisable to maneuver your funds to a {hardware} pockets, or a trusted alternate like #OKX to guard your self from this hack.

Keep protected on the market.

— jay_star.okx ⚛️ OKX CEO (@star_okx) August 3, 2022

Given the uncertainty behind the hacker’s potential and attain, different crypto exchanges resembling Bybit have proactively suspended all deposits and withdrawal of belongings on the Solana blockchain.

Associated: Hacker drains $1.08M from Audius following passing of malicious proposal

A hack that handed a malicious governance proposal resulted within the switch of tokens value $6.1 million, with the hacker making away with $1 million.

Howdy everybody – our crew is conscious of studies of an unauthorized switch of AUDIO tokens from the neighborhood treasury. We’re actively investigating and can report again as quickly as we all know extra.

If you would like to assist our response crew, please attain out.

— Audius (@AudiusProject) July 24, 2022

Talking to Cointelegraph, Audius co-founder and CEO Roneil Rumburg clarified that no members of the neighborhood had been concerned within the passing of the malicious proposal:

“This was an exploit — not a proposal proposed or handed via any reliable means — it simply occurred to make use of the governance system because the entry level for the assault.”

Blockchain investigator Peckshield later narrowed down the fault to Audius’ storage structure inconsistencies.

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