The Solana blockchain has become the latest victim of a crypto fin-crime. Thousands of its users reported their funds being wiped clean and their wallets had been compromised. In the blink of an eye, Solana users lost millions of dollars, some of them even having lost their life savings.

By taking advantage of a weakness in the Solana ecosystem, the culprit was able to steal money from 7,767 “hot” wallets used by Solana users.

Hot wallets are an online-accessible type of digital storage for virtual currency. It is susceptible to Internet attacks since it is constantly linked to the internet.

A “supply chain issue” caused the hack, according to blockchain auditor PeckShield. Due to this issue, the attacker was able to obtain the wallet’s private keys. A blockchain address’s owner can be verified by using a private key, which functions like a secret code.

According to reports, the total loss is $8 million. This attack comes in the wake of another hack that cost Nomad, an online cryptocurrency business, $200 million.

Other well-known hot wallets like Phantom and Slope have also been impacted by the Solana attack.

Although the exacts of the attack are yet unknown, it has been stated that mobile wallet users were the main targets of the hack.

As consumers realized that Solana was quicker and more energy-efficient than Ethereum or Bitcoin, its popularity soared. Solana attracted $314 million in funding in 2021.