A decentralized blockchain Solana has suffered several exploits over two months. While the rest of the market was busy trading digital assets, the Solana network was experiencing a scam through its Phantom wallet. Mango Markets is a decentralized high-performance blockchain having headquarters in Solana, California. It allows investors to trade cryptocurrencies on this blockchain platform that the Mango DAO governs.
As noticed by the investigators, a hacker managed to deploy the capital from the DeFi platform. A blockchain website, OtterSec, also said that the scammer temporarily manipulated the Mango native collateral’s value to withdraw huge loans from the Mango Markets treasury. The attacker successfully deployed a value of over $100 million from Solana.
While the SOL community was investigating the Phantom Wallet scam, the DeFi trading platform Mango Markets lost $100 million. The hackers tricked Solana users by passing them a security upgrade for the Phantom wallet. It was later discovered to be malware formulated to generate crypto coins from users.
The released fake NFTs were in the name of “UPDATEPHANTOM.COM “or “PHANTOMUPDATE.COM” to cheat naive users. Users were given a link stating that the latest security update for the Phantom wallet was released. The update further threatened investors, stating that users who fail to make updates may have to face loss of funds as the hackers have been exploiting the Solana network for the past two months.
