Solona announced that its wallets were hacked last week, affecting nearly 7,000 wallets, $5 million worth of cryptocurrency was stolen, and thousands of users reported having their money drained from their wallets.
What is “Solona”?
It is a cryptocurrency and blockchain network company, which appeared in March 2020, and recently occupied the fifth place in the field of cryptocurrencies, and is characterized by the speed of transactions and low costs associated with its network, in addition to its high functional capacity, which helped speed up payment and increase storage space through storage. cloudy.
what happened?
The crypto startup Nomad announced last Monday that the Nomad bridge was hacked and amounts to $190 million stolen. This “bridge” is a tool that allows users to exchange codes and information between different cryptographic networks, and since these bridges are still new, they suffer from hacking and poor cybersecurity.
According to the opinion of cyber security experts, about 1.8 billion dollars have been stolen to this day as a result of poor security standards.
solutions
Blockchain bridges must raise security standards, and move funds to cold, offline wallets. It should be noted that there are two types of wallets; hot and cold:
The hot wallet is connected to the Internet at all times, and allows users to send and store digital currencies easily but is vulnerable to attacks.
A cold wallet that is offline, must be connected to a device to conduct transactions and is considered more secure.
Users must also transfer their assets to a centralized exchange for the time being.
In my view, since the cryptocurrency market has lost 50 percent of its value in 2022, and in light of these hacks, investors should wait to buy digital currencies until the picture becomes clear.