Solana Users Face Mounting Threat As Drainer Attacks Surge, SOL Price Plummets 13%
03 Janeiro 2024 - 7:00PM
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As the price of Solana (SOL) has skyrocketed by an astounding 722%
year-to-date, the network’s rapid growth has attracted both
attention and challenges. Not only has the native token
gained significant value, but the use of Solana-based meme coins
such as Bonk Inu (BONK), which has grown over 854% year-to-date,
and decentralized applications (dApps) have skyrocketed.
Unfortunately, this increased popularity has led to increased
attacks against the so-called “Ethereum Killer.” Malicious Solana
dApps Exploited Web3 security firm Blockaid has recently observed a
concerning trend of users falling victim to attacks by Solana-based
drainers. One notable example is the website
lessfeesndgas[.]org, which succeeded in stealing tokens from the
Solana Program Library (SPL), which is designed to support the
creation and management of tokens on Solana and SOL worth hundreds
of thousands of dollars. Related Reading: Cardano In 2024: Dollar
Dream Or Downward Spiral For ADA? Interestingly, according to the
company’s post on X (formerly Twitter), Blockaid’s secure wallets
remained immune to these attacks from the moment the site went
live, preventing any connections from being made. The
sophistication of these drainers is noteworthy, according to the
firm, as they can fool the simulations used by Solana wallets,
causing users to sign malicious transactions unknowingly. Web3
security firm Blockaid further stated: As Solana continues to gain
popularity, drainer groups are increasingly moving towards it, as
indicated by the growing number of malicious Solana dApps detected
by Blockaid. Solana’s rapid ascent as a high-performance blockchain
platform has drawn admiration and scrutiny. Its ability to process
transactions quickly and at a lower cost than Ethereum has
positioned it as a strong competitor. However, the network’s
success has also made it an attractive target for malicious actors
seeking to exploit vulnerabilities and capitalize on its growing
user base. Still, this is not the only bad news for Solana in the
past few hours, as its native token has been experiencing a
continuous sharp drop in price, leading to the belief that its
uptrend and bull run may be over despite the possibility of a
rebound in the overall crypto market. Stablecoin Surge And NFT
Sales Fail To Prevent SOL’s Price Drop In just five hours, the
price of SOL experienced a significant 13% drop, hitting a low of
$85 on Wednesday. This decline occurred despite notable growth in
stablecoin transfers, which saw a rise of over 45% this week.
Additionally, on Tuesday, SOL surpassed Ethereum in monthly trading
volume for non-fungible token (NFT) sales, marking a milestone for
the network. SOL is the fifth-largest cryptocurrency, boasting a
market capitalization of $42.6 billion. It holds a $12 billion lead
over XRP and trails just behind Binance Coin (BNB) by a mere $6
billion. Related Reading: Bitcoin Breaks Through Securities
Barrier: Registered Funds Want Exposure To BTC The trajectory of
SOL’s price remains uncertain as investors await signs of a
potential bullish momentum resurgence. Building a more secure
framework for decentralized applications (dApps) could be pivotal
in restoring investor confidence and attracting additional capital
to the ecosystem, potentially propelling SOL to reclaim its
one-year high of $126, previously achieved on December 25. Featured
image from Shutterstock, chart from TradingView.com
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