(Kitco News) - Last Tuesday, $8 million in Solana was stolen from Slope, a company that holds crypto assets for its users. Slope's centralized server stored seed phrases that belonged to its users. Hackers accessed the server, stole the phrases, and drained wallets.
"Around August 2nd, a number of people saw wallet drains across multiple wallets," said Brian Norton, COO of MyEtherWallet. "What we later came to learn was that most of these attacks were focused on one wallet, Slope Finance, which had been storing seed phrases in a centralized server… We saw mostly Solana being drained, but we saw a few cases of Ethereum being drained from certain wallets, because those seed phrases had been imported by users into other wallets."
He pointed out, however, that the Solana source code itself was not compromised, but rather this appeared to be a problem with Slope's security.
Norton spoke with David Lin, Anchor and Producer at Kitco News.
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