Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

Solana’s hack is one of the major events that happened this week. These are my additional comments.

According to a tweet on Solana account. “There is no evidence the Solana protocol or its cryptography was compromised.” I think we should not take this lightly. I would expect a full postmortem later this week to address to the attack.

The addresses that were affected by the attack were at one point created, imported or used in the Slope mobile applications. Private key information was also accidentally sent to an application monitoring service. I think a decentralized network should stay independent and operate purely by codes. This can help to reduce similar problems.

Whether it is a bridge exploit or supply chain attack, the root problem is still uncertain. I would suggest users to create a new wallet, move their funds over to the new wallet and delete the old ones. Users for the time being can also consider moving their funds to the more reputable centralized exchanges or hardware wallets too. Keeping assets secure amid the uncertain situation is the best way for now.

I think the rest on the network should check on their codes and increase their security to prevent any other possible exploits that could happen. Never be too sure and let your guard down.

 

 

Decrypting the Solana Wallet attack and how investors can safeguard their crypto holdings

With reports indicating around 8,000 ‘hot’ wallets were compromised in the attack, experts advise investors to switch to hardware wallets for better security.

Close on the heels of cross-chain messaging platform Nomad being the target of a $200-million crypto heist, investors using ‘hot’ or internet-connected crypto wallets on the popular blockchain Solana were under attack from an unknown bad actor.

 

Over $8 million stolen from 8,000 investors

With crypto holdings worth over $8 million stolen from approximately 8,000 investors, this latest attack has raised many questions about the security offered by both the Solana network and ‘hot’ wallets that are quite popular with the average crypto investor.
While Solana’s official Twitter account was quick to clarify that the attack was not the result of any compromise in the network’s software, it added that its team of engineers is fervently working with security researchers and ecosystem teams to identify the root cause of this wallet hack.

Create new wallets, delete old ones

“While it is my opinion that a decentralised network should stay independent and operate purely by codes, I think the team at Solana should re-check all their partner systems and increase their security to prevent any other possible exploits. Investors ought to remain vigilant and take necessary precautions at their end,” he said.

“I would suggest users create a new wallet, move their funds over to the new wallet and delete the old ones. They can also consider moving their funds to the more reputable centralised exchanges or hardware wallets too. Keeping assets secure amid the uncertain situation is the best way for now,” he added.

Preliminary investigations have revealed that this exploit was limited to just the Slope wallet on the Solana ecosystem, while hardware wallets used by Slope remained unscathed.

According to Solana, affected wallet addresses were at one point created, imported or used in Slope mobile wallet applications, and their private key information was transmitted to an application monitoring service.

 

Do not store private keys on computers

Commenting on the Solana network and the underlying sentiment, Lin, a senior analyst at Block Review, said according to his statistics, there were 10.5 percent negative sentiments for Solana in the last seven days, while Ethereum had around 6.2 percent and anything below 15 percent is still okay in his opinion.

“Coming back to the private keys that were compromised, I think any of this information should never be on any computer at any given time. This part should be taken care of and well audited by the wallet providers. Users, on the other hand, have to take extra care of their private keys and seed phrases,” Lin said.

Solana has already urged investors affected by the attack to abandon the affected wallets as they could still be compromised even after revoking wallet approvals.

While the exact modus operandi employed is still unknown, crypto industry leaders have highlighted that the suspect transactions were properly signed, further indicating that it could be a supply chain attack with a specific focus on Slope ‘hot’ wallet users.

 

Investors should opt for cold or hardware wallets   

Elaborating on how hackers can still steal from a compromised wallet, Raj Kapoor, founder of India Blockchain Alliance, said since private keys are stored in application and device wallets, hackers can access them and steal cryptocurrencies and that sums up the Solana hack.

“If your wallet has been compromised, it’s paramount that you transfer any existing funds from your compromised wallet to another wallet. Hackers will wipe your account of funds immediately, but if you’re lucky and they have not done this yet, it’s time for investors to take immediate action,” he added.

Since most hacks happen to hit “hot” wallets, investors should opt for cold or hardware wallets instead. While investors may need some of it online for transactions, they should keep what they need in the short term and store most of it offline.

A cold crypto wallet, which is similar in size to a USB device, holds a private key that can be used to access your funds. Investors can set their own private keys as well.

 

Use multi-factor authentication

Investors should also use multi-factor authentication (MFA) as this creates a layered defence on their account with independent credentials based on a password, security token, and/or biometrics.

Phishing is another danger and to prevent it, investors should never log in to their cryptocurrency exchange unless they are sure they are on the correct site.

 

Do not share information over texts, emails

Additionally, investors should not trust texts, emails or chats that ask for your personal information.

Avoiding public WiFi is also a great idea as is updating your software from time to time. Regularly changing the passwords is great as well. Change the password regularly and use a password manager like LastPass or 1Password.

 

‘Hot’ wallets are vulnerable

As Solana continues to work with Slope Finance in conjunction with their partners OtterSec and SlowMist to restore normalcy, this incident again serves to highlight the vulnerability of ‘hot’ wallets to cyberattacks, despite the faster transaction times offered by them.

Comprising the entire collection of web-based, mobile and desktop wallets available today, ‘hot’ wallets should be used in conjunction with ‘cold’ or hardware wallets to strike the perfect balance between speed, functionality and security.

For those actively trading in crypto tokens and other crypto assets, it is recommended to hold trading funds in a ‘hot’ wallet while the bulk of their crypto holdings remains secure in a ‘cold’ or hardware wallet.

Nearly impossible to hack hardware wallets

Since a user’s private keys never leave the device, stealing funds from a hardware wallet is an almost impossible task for malicious cyber entities. Ranging from 50 to a few hundred dollars, the security offered by these hardware wallets more than compensates for the one-time costs involved and is highly recommended for all crypto investors out there.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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NFT sales limp into August with a 25% drop from June to July amid crypto slump

NFT sales limp into August with a 25% drop from June to July amid crypto slump

Market analysts are mixed on outlook for non-fungible tokens, as some see mostly gloom, others point to glimmers of optimism.

Non-fungible token (NFT) sales in July on secondary markets fell 25% from June to US$650 million, the second month in a row under US$1 billion, according to data from NFT aggregation site CryptoSlam, and reflecting a broader crypto slump.

Sales had peaked in January at US$4.7 billion, with more than 1 million unique buyers in the market.

“The current [crypto] market right now is in a bear market,” Anndy Lian, blockchain author and entrepreneur and founding member of NFT creator studio Influxo, told Forkast in an interview. “So [NFT] sales actually reflect very much on how the market is reacting.”

Yehudah Petscher, NFT relations strategist for CryptoSlam, said he thinks the market has yet to find the bottom.

However, he did find some optimism in the number of unique buyers in the market, pointing out buyers fell just 7% month-on-month in July to 532,000, which remains higher than in the same month last year.

This shows, Petscher says, that while total sales in U.S. dollars are down, the number of transactions make for a slightly more optimistic outlook.

“NFTs are in rough place right now, but I still think in a very healthy place as far as growth [or] as far as transactions [are concerned],” Petscher said.

The so-called “Merge” for Ethereum could also give the NFT market a shot in the arm, as the leading blockchain for NFTs is slated to move to a proof-of-stake (PoS) network in coming months.

The move to PoS will reportedly reduce the energy used in the Ethereum network by up to 99%, blunting environmental criticism of how the network operates.

“I think [the Merge] will create another spur of hype among the Ethereum fan base,” Lian said, but warning that transaction fees — another common criticism of the Ethereum network — will likely remain high.

NFT and crypto markets now seem to be largely correlated, despite expectations during the NFT boom of late 2021 and early 2022 that they would be inversely correlated. The view then was investors would be less willing to buy NFTs when the crypto they were denominated in was gaining in U.S. dollar terms.

Rather than falling crypto values driving the price of NFTs up to compensate, the overall negativity in the market is driving prices lower to attract what buyers are there, Petscher said.

“There’s not a lot of liquidity and people are worried that there’s not going to be buyers when they’re looking to sell, so it is a race to the bottom,” Petscher said. “We can see that with prices across the board.”

Apes (still) rule

Projects from Yuga Labs continued to dominate the top of the bestseller list in July, with Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and CryptoPunks all in the top five.

This made the project the seventh to reach the US$1 billion in total sales mark, despite it only launching in May.

With over US$30 million in secondary sales in July, soccer-based collection Sorare came in third on CryptoSlam’s list. Sorare allows people to buy and sell players as part of a global fantasy football competition as another way to interact with the world’s game.

Petscher told Forkast that he expects sports to be a real growth area, as these tokens typically bring with them increased utility.

Another growth area is art, Petscher says, who sees attention beginning to move away from NFTs as simply profile pictures to more fully fledged pieces of art as more creators move into the space.

“It’s just the tip of the iceberg,” Petscher said. “Art [NFTs] are just starting, it’s here in a big way and it will just keep growing.”

 

 

 

 

 

 

Original Source: https://forkast.news/nft-sales-limp-july-25drop-june-crypto-slump/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian’s Speech at Asia Crypto Summit, 18 July 2022- Navigating NFT: Who, What & How

Anndy Lian’s Speech at Asia Crypto Summit, 18 July 2022- Navigating NFT: Who, What & How

Anndy Lian, an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member, and keynote speaker.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization.

Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange, and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business.

He also played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

His second book, titled NFT: From Zero to Hero, tells you all that you need to know about NFT. His book will available very soon.

NFT stands for “non-fungible token.” NFTs can really be anything digital。 In simple words, these cryptographic assets are based on blockchain technology. They cannot be exchanged or traded equivalently like other cryptographic assets. Like Bitcoin or Ethereum.

NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

The following topics were addressed:

– Why NFT is important
– Overview of the current NFT industry
– Who are the current participants in the NFT market?
– Introduction of CEX and DEX NFT marketplace
– What are the different types of NFTs?
– What are the necessary tools if I want to gain an in-depth understanding of the NFT market?
– What is a successful NFT project?
– Quick Overview on NFT Regulations
– Quick Overview of NFT and Traditional Business
– What to look out for during the bearish times?
– What’s next for the future?

NFTs have the potential to be infinitely useful in many industries by increasing security and processing costs for transactions and providing a new platform for the gig economy to work through.

NFTs are revolutionizing digital asset ownership and laying the foundations for crypto, play-to-earn games, metaverses, and more.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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