Binance, KuCoin, OKX CEOs flex safety amid Solana FUD storm

Binance, KuCoin, OKX CEOs flex safety amid Solana FUD storm

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With Solana hitting the headlines for succumbing to a hack on Wednesday, outstanding crypto CEOs — together with Binance’s Changpeng “CZ” Zhao, KuCoin’s Johnny Lyu and OKX’s Jay Hao — really useful that Solana (SOL) traders transfer their holdings over to their very own exchanges as a direct safety measure.

Quite a few blockchain investigators and crypto traders flagged an alleged widespread personal key compromise, permitting the attacker to steal native SOL tokens and Solana-compatible SPL tokens corresponding to USD Coin (USDC) from Phantom and Slope wallets. Nevertheless, the basis reason for the assault stays a thriller as all events, together with Solana and Phantom, denied faults at their ends. Phantom’s official stance on the matter shared with Cointelegraph:

“We’re working carefully with different groups to resolve a reported vulnerability within the Solana ecosystem. Presently, the group doesn’t imagine this can be a Phantom-specific concern.”

Parallel to the continuing investigations of the Solana fiasco, CZ warned traders of “an energetic safety incident on Solana” that drained funds in SOL and USD Coin (USDC) off over 7000 wallets. His suggestion to unhacked traders was to switch their belongings to a chilly pockets or Binance.

Lyu gave the same assurance to KuCoin customers as he confirmed that each one SOL belongings weren’t impacted by the hack; as he stated:

“We’re in shut contact with the Solana group and have blocked the suspicious addresses as requested.”

Hao, nonetheless, echoed CZ’s suggestion as he suggested traders to maneuver their belongings to OKX to guard themselves from the hack.

Given the uncertainty behind the hacker’s potential and attain, different crypto exchanges corresponding to Bybit have proactively suspended all deposits and withdrawal of belongings on the Solana blockchain.

Associated: Hacker drains $1.08M from Audius following passing of malicious proposal

A hack that handed a malicious governance proposal resulted within the switch of tokens price $6.1 million, with the hacker making away with $1 million.

Chatting with Cointelegraph, Audius co-founder and CEO Roneil Rumburg clarified that no members of the neighborhood had been concerned within the passing of the malicious proposal:

“This was an exploit — not a proposal proposed or handed by means of any professional means — it simply occurred to make use of the governance system because the entry level for the assault.”

Blockchain investigator Peckshield later narrowed down the fault to Audius’ storage format inconsistencies.