Solana's digital ecosystem (SOL) fell victim to an exploit that allowed hackers to pull funds without the owners' knowledge from Phantom, Slope and TrustWallet wallets.
According to Cointelegraph, the attack is still ongoing, possibly threatening millions of dollars held in cryptocurrencies. NFT's Magic Eden service has informed its users of the suspected large-scale scam, calling for the revocation of privileges for all suspicious links in wallets.
At present, about 8,000 virtual wallets have been robbed, according to information provided by OtterSec. To date, losses are estimated at min. $5 million in SOL and SPL tokens and other Solana-based coins. However, other sources such as PeckShieldAlert are already reporting $8 million of stolen tokens.
The reasons and course of the attack are still unknown. What is known is that the attackers obtained the ability to confirm transfers on behalf of users, suggesting a possible hack of user verification solution providers.
The high-profile topic heats up the long-running debate over the security of the hot wallets from which the funds were stolen. Unlike cold wallets, the hot wallets are connected to the Internet. This poses a major threat, especially when the system administrator does not constantly monitor token transfers and neglects security standards. It's still too early to determine the extent of the losses and pinpoint which security features have failed.
Oxford city introduces the option to pay for tickets with Bitcoin
Oxford City is set to become the first National League club to accept Bitcoin (BTC) payments. The option is expected to be available starting August 6, 2022, and will allow fans to purchase tickets, food and drinks at the RAW Charging Stadium using the Lightning network for Bitcoin payments.
The payments are part of Oxford City's multi-year contract with CoinCorner, a company that trades cryptocurrencies, particularly BTC. Thus, the logo of the most well-known token and the company will be on the back of the players' shirts. The company is also expected to release a themed Oxford City FC Bold payment card to celebrate the partnership.
CoinCorner CEO Danny Scott commented on the partnership, saying, "We believe this move will set a trend across Non-league and Football League divisions as digital currency establishes itself as the new normal for sports fans and event-goers across the U.K."
Cryptocurrency consolidation
The broad crypto market is unwinding the local correction of the last 3-4 days and seems to be moving into consolidation. BTC is up 0.7%, ETH is down 0.15% as of 11 a.m. GMT+3 on 03/08/2022 on the Conotoxia MT5 platform. The strongest growing token is ApeCoin (APE) with more than 8% daily growth. It is the cryptocurrency of the well-known NFT project, which is working with developers to create the Metaverse gaming platform. Recent increases in value, APE is likely due to the signing of a partnership with Gucci. A well-known Italian brand is to allow payment for its products in the US, with the before-mentioned token. It will be possible via the BitPay service.
Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service)
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
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