FTX Chief Sam Bankman-Fried Backs Solana (SOL) A Day After Major Exploit, Here’s Why

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A day after Solana faced a major exploit, FTX chief Sam Bankman-Fried came out supporting the SOL cryptocurrency. During his recent interview with the Fortune publication, SBF said that Solana is the most under-rated cryptocurrency as of now.

He further noted that despite all the bad PR, Solana has successfully worked through 2/3rd of its technological issues. He further added that he’s confident that it will get through the other one-third. During the interview, the SBF chief said:

Any blockchain would’ve broken if it’d tried to do what Solana had done. This was a way for it to figure out what needed to be refined. Pushing the boundaries to see what breaks is what other blockchains “should be doing”.

Drawing a recent comparison between the wallet exploits at Nomad and Solana, SBF wrote:

This is a good example of how something can be under-rated. A random dAPP gets compromised and it’s blamed on the underlying blockchain. (To be clear, no core or internal infra had any issues! It was just a single third-party application some people used…)

Solana Clarifies About the Latest Exploit

On late Tuesday, more than 8000 wallets were compromised draining over $7 million in SOL tokens. However, it appeared earlier that the Phantom wallets have been compromised, and further investigation shows that Slope’s mobile applications were compromised. In the latest update on Twitter, Solana wrote:

After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications.

It also added that the exploit was only related to one wallet on Solana. However, all other hardware wallets used by slope remain secure. Solana further adds that there’s no evidence of the Solana protocol and its cryptography getting compromised.

The recent event shows yet another example of the vulnerability of wallet operators and the importance of cold storage.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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