NFT marketplace Magic Eden noted that it “seems to be a widespread SOL exploit at play" and called on users to revoke permissions for any suspicious links in their Phantom wallets.

A security vulnerability impacting the Solana ecosystem has reportedly seen millions in funds drained across several Solana-based wallets.

At the time of writing, Solana (SOL) is currently trending on Twitter as countless users are either reporting on the hack as it unfolds or is reporting to have lost funds themselves,

warning anyone with Solana-based hot wallets such as Phantom and Slope wallets to move their funds into cold wallets.

Phantom and Magic Eden have commented on the issue, with wallet provider Phantom noting that it is working with other teams to get to the bottom of the issue.

However, it says it does not “believe this is a Phantom-specific issue” at this stage.

Magic Eden confirmed the reports by stating that “seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem”

as it called on users to revoke permissions for any suspicious links in their Phantom wallets.
 

Magic Eden confirmed the reports by stating that “seems to be a widespread SOL exploit at play that's draining wallets throughout the ecosystem”

as it called on users to revoke permissions for any suspicious links in their Phantom wallets.
 

Twitter user @nftpeasant has been following the incident closely. According to their research via Solscan,

around $6 million worth of funds has already been siphoned from Phantom wallets during a 10-minute period on August 2.
 

In one instance, a Phantom wallet user had $500,000 worth of USDC drained from their account.

Popular scam detective and self-described “on-chain sleuth” @zachxbt also did some digging.

They revealed to their 274,800 followers that the hackers initially funded the primary wallet associated with this attack via Binance seven months ago.
 

The transaction history shows that the wallet remained dormant until today before the hackers conducted transactions with four different wallets 10 minutes before the attack started.

At this stage, it is unclear if the hack is ongoing, where it originated and if more user funds are still at risk. However, in response to @zachxbt’s post, user @cryptojpeg noted that:

“Only 13 txn out of which 3 of those are Solana deposit txn and 1 drains txn So basically one of these 9 txn made the wallet vulnerable to the drain if it's not related to something else.” - Cointelegraph

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