Hard hits to Solana’s net make him lose his value

Solana Cryptocurrency
  • The hacking attacks that Solana has had show the vulnerability of the network. The Solana Wormhole Bridge was the victim of a major hack where $321 million in funds were lost.
  • Cardano and Polygon have been shown to be more secure than Solana.

In the cryptoactive market, blockchains must work in optimal security conditions that allow their massive adoption by users.

For this reason, each chain that develops ensures such conditions to continue attracting people. However, not all of them succeed.

Brothers Aaron and Austin Arnold have a Twitter channel called Altcoin Daily, through which they provide data about the crypto world.

They recently mentioned that security -wise the Cardano and Polygon networks work better than Solana, which doesn’t seem to be very secure. Some of the events that the Solana network has gone through have given rise to these interpretations, especially the attack that emptied more than 7 million dollars from the Slope and Phantom wallets.

The Solana Wormhole Bridge, for example, was the victim of a major hack that lost $321 million in funds this year in February. The explosion of the bridge connecting Ethereum and Solana facilitated the theft of Wrapped Ethereum, which ended up in pirate wallets of Solana and Ethereum.

In the first quarter of the current year, Solana has been the target of 5 attacks whose losses amount to 397 million dollarsEthereum, however, lost much more than Solana ($636 million). With these data, ADA and MATIC appear to be the safest, although MATIC has already suffered a pirate attack.

Solana-based Defi protocol Cream Finance blew up last month, allowing an $8 million theft. The funds were returned by the computer attacker, but the facts revealed the vulnerability of the network.

In another hack of the Solana network, the Slope and Phantom wallets were losing 7 million dollars due to the impotence of the users.  

Despite the fact that Solana highlights the accelerated speed of its transactions due to the use of history tests, there are many who distrust the security of the ecosystem due to the events that have occurred.

For this reason, in terms of use, the network fell by 17.6% in the second quarter of the current year. SOL is priced at $35.58 at the time of writing.