In the early hours of August 3, 2022 more than 8,000 internet-linked Solana-based wallets with tokens such as SOL and SPL were hacked making investors lose over $7 million globally. Solana is the sixth largest crypto token being traded in India as per CoinSwitch’s CRE8 Index. While it is still unclear how it happened and who was responsible, industry experts said that this was due to a private key compromise or a seed phrase compromise. Private keys are set up to secure digital assets when you create a wallet, and seed phrase in an additional fingerprint of sorts used to recover wallet assets in case you forget or lose the private key.
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