Urgent update on Solana:
- According to several youtubers like Lark Davis, The Blockchain Guy and Everything Hindi (only for Hindi speakers but you can turn on eng translation) have released emergency videos that are related to the Solana's hack (the 9th attack on Solana's blockchain). It is estimated this time, to be hacked around 8 million dollars.
- How can you save your assets?
1) Immediately take them out of Phantom Wallet, which apparently is one the wallets that have been affected. Could be also other wallets. Withdraw your SOL to a Cold Wallet, either Trezor or Ledger, or another solution is to withdraw to a centralised exchange like Binance, Bitrex, FTX etc
2) Immediately sell Solana ( NOT FINANCIAL ADVISE). You can keep your SOL safer until the price stabilises, right now the price dropped bellow 5% or you can sell it immediately to compensate the loses, again not financial advise, you do what ever you consider best! Just be careful with your funds.
3) You can just keep it in your hot wallet, with the risk of losing it or not.
ALWAYS REMEMBER that Solana's is the most centralised and unsecure block chain that supposed to fight with Ethereum and replace the Visa. Even that in theory it can support 2000 validators it only needs a few to validate transactions, this adds to instability and insecurity of it's network.
The Proof of Stake cryptocurrencies always have vulnerabilities if not coded properly like Ethereum and Cardano or Polkadot. The FTPS (faster transactions per second) can be reached by three ways, one of these ways is bigger block size, like Solana. According to Solana's white paper the Proof of Time is the main protocol, when in fact PoT is a Part of PoS, therefore not a true purposely intended protocol to overcome the main problems of fast insecure transactions.
It is great that many different types of coins and protocols exists because this way we will understand better how the block chains are working. Unfortunately, all of these new developments and improvements happens on our back, on our financial support.
I got some SOL in my portfolio (less then 1 SOL) and I do not hold more mostly because of these vulnerabilities.
Take care out there folks!
