Slowmist, a blockchain security company, has warned users about recent phishing attacks on the Solana network. The company said that this type of theft is very common. Recently, Solana lost $320 million worth of Ethereum (ETH) from its DeFi token bridge Wormhole.

Slowmist raises red flags

Cryptocurrency and NFT ecosystem is full of possibilities and theft. The Slowmist has tracked more than 650 hacking events where users around the world lost more than $25 billion.

In a new reminder, the blockchain security firm has sounded the alarm about the next possible NFT theft. The Slowmist explained how to do it.

The attacker drops NFTs to users in batches. The user then goes to the target website through the link received in the airdrop description (www_officialsolanarares_net). Connects to the wallet and clicks “Mint” on the page. Once approved, all SOLs in the wallet will be transferred.

By simply clicking Approve, the user will interact with the threat planted by the attacker. The threat here is an evil contract that instigates Solana Transfer. The Slowmist reports that these phishing attacks are increasing.

The company has raised concerns about Solara Wallet Phantom’s security mechanism. There is no complete ‘risk warning’ for users, which makes it easy for the users to do harm.

Phishing attacks on the rise?

Flagged phishing attempts create a security blind spot that causes users to lose their investment. The recent $320 million Wormhole hack has an important signal to tighten security on the blockchain. In 2021, however, the Solana-based digital wallet Phantom has strengthened its cybersecurity.

Chris Kalani of Phantom emphasized that “we need to protect users from losing their money due to the phishing scam.”

Meanwhile, $600 million stolen from the Poly Network has been recorded as the largest-ever breach of decentralized finance. However, the hacker returned the stolen assets after the network flashed the warning that legal action could be taken against them.


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About the author

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

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