Slope Is To Blame; Sam Bankman Extends Support

Slope Is To Blame; Sam Bankman Extends Support #Slope #Blame #Sam #Bankman #Extends #Support Welcome to Lopoid

Following yesterday’s attack on the Solana ecosystem, information is now emerging suggesting wallet provider Slope is primarily to blame for the security flaw that allowed thousands of Solana customers to have their cryptocurrency stolen.

Slope is a layer-1 (L1) Web3 wallet service for the Solana blockchain. The foundation blamed Slope, claiming that “it appears impacted addresses were at one point created, imported, or used in Slope mobile wallet applications” through the Solana Status Twitter account on Wednesday.

After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications. 1/2

— Solana Status (@SolanaStatus) August 3, 2022

Anatoly Yakovenko, a co-founder of Solana, also connected Slope wallets to the attack on his own Twitter account.

He advised customers to acquire a seed phrase from a provider other than Slope as early as they could. Additionally, he advised one of the impacted users to “Start practicing the cold/hot wallet distinction.”

Slope said that “A cohort of Slope wallets were compromised in the attack,” including some belonging to its own workers, in a statement on Wednesday regarding the status of its continuing investigation into the matter.

Users of Slope wallets were asked by the team to create new, unique seed phrases and move all assets to them rather than leaving any money in older wallets that could still be vulnerable in the future.

The Phantom team increased the caution by encouraging users to switch to a new non-Slope wallet and move their funds elsewhere.

Sam Bankman backs Solana

A day after the platform was subjected to a significant exploit, Sam Bankman-Fried, the CEO of FTX, came out in favor of the SOL coin. SOL is now the most underrated cryptocurrency, according to SBF, who said as much in a recent interview with Fortune magazine.

“Any blockchain would’ve broken if it’d tried to do what SOL had done. This was a way for it to figure out what needed to be refined. Pushing the boundaries to see what breaks is what other blockchains “should be doing”.


Solana Attack: Slope Is to Blame; Sam Bankman Extends Support 3

He said that despite all the negative publicity, Solana has effectively resolved two-thirds of its technical problems. He continued by saying that he is convinced it will pass the last third.

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