Solana hack can happen 'on any blockchain'; Open-source code and user privacy are essential to prevent this - Brian Norton kitconews gold silver finance metals economics mining investing
- 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.
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.When a user purchases a cryptocurrency, they hold it in a digital wallet. These wallets can either be offline or an online hot wallet, the latter of which can be prone to hacking if private wallet data are shared over a network.
By "client-side," Norton explained that he meant,"We [at MyEtherWallet] don't have a backend database storing people's phrases, storing people's personal information. Your keys are your keys when you sign out of your wallets. Then nobody else has access to it, including us." "Make sure that [your] software wallet is open-source, and that it is entirely non-custodial, that there is no way they are storing your keys," said Norton."As soon as those keys end up in a centralized server, they become vulnerable to attack from multiple different victors. You want to prevent that."Norton's company, MyEtherWallet, is according to its website, a"free, open-source, client-side interface for generating Ethereum wallets & more.