1. Decentralized wallets suggested after Solana hack
8/17/2022 9:57:48 AM
Decentralized wallets suggested after Solana hack
App Developer Magazine

Decentralized wallets suggested after Solana hack

Wednesday, August 17, 2022

Freeman Lightner Freeman Lightner

GlobalData has announced their findings about the recent hack on a Solana cryptocurrency wallet, discussions have increased among Twitter influencers about the security of the Solana ecosystem, and why all crypto wallets will be decentralized or open source as security challenges increase.

The recent hack on the Solana cryptocurrency wallet has led to a drain of millions of dollars, which raised concerns about the security of the crypto ecosystem. Against this backdrop, the volume of discussions around 'Solana' among Twitter influencers surged in the first week of August as most of them commended the use of decentralized or open source wallets, revealing the Social Media Analytics Platform of GlobalData, a leading data, and analytics company.

"Most of the Twitter influencers opine that the investors’ sentiments are again dented as the Solana-based wallets are compromised, which are based on closed source. Some of the Twitter influencers also define this exploitation as a ‘software supply chain attack’ and suggested all crypto wallets be open source or decentralized, as security becomes more challenging when the ecosystem is more centralized," commented Smitarani Tripathy, Social Media Analyst at GlobalData.

Solana hack prompts Twitter influencers to suggest decentralized wallets, finds GlobalData

Below are a few most popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

Redd Albergotti, Technology Editor at Semafor:

"What I find most interesting about the Solana attacks is that it represents a fundamental challenge in Crypto: If you want to create a large platform that can perform transactions quickly (like we're used to with credit card transactions), security becomes a bigger challenge."

Sir Lord Joel Comm, Founder of OptionsHawk:

"Ditching my #solana holdings. This chain is too insecure, goes down too often, is too centralized, and has too many vulnerabilities. I'm out. #cryptocurrency"

Dyma Budorin, CEO of Hacken:

"Blockchain protocols must assess all ecosystem projects' security, before adding to the trusted list. If you post a link to insecure crypto wallets at your main website, then you are responsible for the hack as well."

Twitter influencer discussion trendline around Solana

Twitter influencer discussion trendline around Solana

Cody Willard, Hedge fund manager at TradingWithCody.com:

"Solana closed source strikes again! The closed-source culture around Solana has real consequences for users In this case, about 41k $SOL and a total value of about $6.5m."

Ivan Liljeqvist, Crypto Analyst:

"Solana was not hacked, a wallet was leaking keys, and can happen on any chain, that's why all wallets have to be open source..."

Joe McCann, Founder of Asymmetric:

"Today is the day normies learn what the meaning of a "software supply chain attack" is. This is a major issue for ALL developers, not just @solana. Web2 has had massive security breaches and exploits due to supply chain attacks. What is a supply chain attack?"

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