General

Binance, KuCoin, OKX CEOs Flex Safety Amid Solana FUD Storm

With Solana (SOL) hit the headlines for succumbing to a hack Aug. 3, outstanding crypto CEOs — together with Binance’s Changpeng “CZ” Zhao, KuCoin’s Johnny Lyu and OKX’s Jay Hao — really useful SOL traders transfer their holdings over to their very own exchanges as an fast safety measure.

Quite few blockchain investigators and crypto traders flagged an alleged widespread personal key compromise, permitting the aggressor to steal native SOL tokens and Solana-compatible SPL tokens similar to USD Coin (USDC) from Phantom and Slope wallets. Nonetheless, the basis explanation for the assault girdle a thriller as all events, together with Solana and Phantom, denied faults at their ends. Phantom’s official posture on the matter shared with Cointelegraph was:

Binance, KuCoin, OKX CEOs Flex Safety Amid Solana FUD Storm

“We’re working cautiously with different groups to unravel a reported exposure inside the Solana ecosystem. At the moment, the group doesn’t consider this can be a Phantom-specific challenge.”

Parallel to the continued investigations of the Solana fiasco, CZ warned traders of “an energetic safety incident on Solana” that drained medium of exchange imagination in SOL and USDC off over 7000 wallets. His advice to unhacked traders was to switch their holding to a chilly pockets or Binance.

Lyu gave the same assurance to KuCoin customers as he confirmed that every one SOL holding weren’t compact by the hack; as he stated:

“We’re in shut contact with the Solana group and have blocked the suspicious addresses as requested.”

Hao, nonetheless, echoed CZ’s advice as he advisable traders to maneuver their holding to OKX to guard themselves from the hack.

Given the uncertainty behind the hacker’s potential and attain, different crypto exchanges similar to Bybit have proactively suspended all deposits and withdrawal of holding on the Solana blockchain.

A hack that two-handed a bitchy governance proposal resulted inside the switch of tokens value $6.1 million, with the hacker making away with $1 million.

Chatting with Cointelegraph, Audius co-founder and CEO Roneil Rumburg processed that no members of the neighborhood had been concerned inside the passing of the bitchy proposal:

“This was an exploit — not a proposal projected or two-handed by means of any prestigious means — it simply occurred to make use of the governance system because the entry level for the assault.”

Blockchain investigator Peckshield later narrowed down the fault to Audius’ storage format inconsistencies.