Thursday, April 18, 2024

Phantom claims that the $4 million hack did not compromise its systems.

Phantom is a wallet provider based on Solana. They revealed that their systems had not been compromised when hackers ended up draining at least $4 million from over nine thousand wallets. On Tuesday, Phantom released a tweet following an investigation that lasted for a week.

The team found that there weren’t any vulnerabilities which was capable of explaining what had happened. Phantom also added that they had also been audited independently by OtterSec as well as Halborn Security. These auditing firms also did not find any issues which could explain what had happened.

Phantom Investigates $4 Million Hack

The wallet provider revealed that there were some users who were affected, and such cases have also been reviewed. They found that the users who were affected had imported seed phrases as well as private keys. These were imported either to or from a wallet not linked to Phantom.

The attack took place on August 3rd and affected various providers of hot wallets. These are wallets that stay connected to the internet at all times. Examples include Slope, TrustWallet and of course, Phantom.

Network engineers from Solana have so said that wallets from Slope had been compromised. Slope went on to confirm this. But they did not reveal whether storage practices related to storage of private keys were involved. Phantom also added that they had believed the starting point of this attack came from complications relating to accounts imported to as well as from Slope.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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