Solana [SOL]Its journey in the cryptocurrency market has been nothing short of a fairy tale with every major player supporting the ecosystem in 2021.
Although in 2022 SOL witnessed a few “ghostly” twists in this story. From hacks to price corrections to network outages, the list could go on.
Here’s AMBCrypto’s Price Forecast for Solana for 2022-2023
Fairy tale gone wrong?
Solana’s native token, SOL, suffered another price correction as it consolidated below the $35 mark on CoinMarketCap. At the time of going to press, it stood at $32, as it continued to see red flags on several playgrounds.
On the other hand, the Metaplex Foundation, which oversees Solana’s Metaplex NFT protocol, launched an airdrop of its MPLX token for Solana NFT makers. But the Metaplex token fell by about 70%. Well, that wasn’t the only blow.
According to OtterSeca blockchain audit platform, Mango, the DeFi project on Solana, was hacked. The attackers obtained a large number of loans from the Mango Treasury by manipulating Mango’s collateral, resulting in a potential loss of more than $100 million.
@mangomarkets was just taken off for over $100 million. https://t.co/SI4hccCIQx
— OtterSec (@osec_io) October 11, 2022
The alleged attacker temporarily lit up the collateral value and then took huge loans from Mango’s treasury. The victim’s team acknowledged the same and later tweeted:
“We are currently investigating an incident where a hacker was able to tap money from Mango through an oracle price manipulation. As a precaution, we will disable deposits up front.”
But the damage was already done. Due to news of the exploit, the platform’s MNGO token price has fallen by about 52% in the past 24 hours.
Look forward to…
Needless to say, given the SOL connection, Solana also received some community censorship.
SOL’s performance over the past seven days was largely in line with the bears. In addition, the volume of SOL dropped significantly on October 8, which was a negative signal that pushed the price of SOL to new lows.
In addition, SOL’s condition could worsen if selling pressure builds.
But again, according to DeFiLama, SOL was also among TVL’s top 10 chains, which could be a green flag for the blockchain in these testing times.
This post Solana’s NFT Bear Meets a $100 Million DeFi Hack — Now What?
was published first on https://ambcrypto.com/solanas-nft-bear-meets-a-100m-defi-hack-whats-next/