• 17 July, 2024

Solana Faces Intensified Security Threats with Rising Drainer Attacks

Web3 security firm Blockaid has recently highlighted a concerning uptick in Solana-based drainer attacks. Notably, the website lessfeesndgas[.]org managed to siphon hundreds of thousands of dollars from Solana Program Library (SPL) tokens and SOL. Despite these aggressive attacks, Blockaid’s secure wallets remained impervious, demonstrating robust security measures.

Blockaid warned of the drainers’ sophistication, capable of deceiving Solana wallet simulations and tricking users into authorizing malicious transactions. Solana’s swift transaction processing and cost efficiency have positioned it as a formidable competitor to Ethereum. However, its success has also painted a bullseye on the network, attracting malicious actors eager to exploit its vulnerabilities and thriving user base.

The rise in drainer activity correlates with the price surge of SOL, making holders of SOL and related memecoins prime targets for phishing. One particular drainer kit has garnered over 6,000 followers, according to analytics platform Chainalysis. This is indicative of the growing sophistication and community surrounding these malicious tools. 

Brian Carter, a senior intelligence analyst at Chainalysis, highlighted the flexibility and success of these drainers in a recent statement, noting their multilingual reach and diverse asset targeting. To combat these threats, experts like Carter suggest adopting protective measures like Wallet Guard, which offers defenses against Solana drainers. Additionally, he emphasized the importance of vigilance against phishing scams, which often prey on users’ fear of missing out, spreading through compromised social media and Discord communities.

Meanwhile, Certik shed light on the business of cybercrime, revealing the availability of Solana drainer kits in hacker circles and the dark web. Some kits are offered for as low as $250 per month, as evidenced by the platform. These kits are part of a broader trend of Ethereum Virtual Machine (EVM) related cyber theft, where providers take a cut from the stolen assets.

Unfortunately for Solana, the recent period has brought not only heightened security threats but also a sharp decline in its native token’s price. This downturn has cast doubts on its continued upward trajectory amid the volatile crypto market. At the time of writing, the token was training slightly over the $100 mark, down 8.6% over the past 24 hours.

On the brighter side, Etherscan, a leading Ethereum blockchain explorer, has acquired Solscan. This collaborative merging aims to bolster cross-chain tracking and analysis capabilities, reflecting a step towards greater consolidation and sophistication in the blockchain and crypto analytics sphere. Both teams vow to maintain a focus on providing equitable and neutral access to blockchain data, underlining the importance of credible neutrality and transparency in the evolving blockchain landscape.

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