CRYPTO NEWS: SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD.

SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD. MORE THAN $2 BILLION HAS BEEN STOLEN FROM DIFFERENT CRYPTOCURRENCY PROJECTS THIS YEAR, WITH TUESDAY’S ATTACK OF THE DECENTRALISED LENDING PLATFORM MANGO MARKETS IN SOLANA RAISING A LOT OF WORRIES AMONG INVESTORS.

SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD:

SEVERELY HACKED TODAY FOR 100 MILLION USD
SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD

SOLANA (CRYPTO: SOL), XRP (CRYPTO: XRP), AND CARDANO (CRYPTO: ADA) WERE EACH DOWN 2.6%, 1.4%, AND 2.9% DURING THE PREVIOUS 24 HOURS AS OF 2 P.M. ET ON THURSDAY. HOWEVER, IT SHOULD BE MENTIONED THAT THROUGHOUT THE TRADING DAY, THESE CRYPTOCURRENCIES HAVE RECOVERED A LARGE PORTION OF THEIR LOSSES. THESE 24-HOUR REDUCTIONS HAD REACHED AS HIGHS OF 9%, 8.7%, AND 10.4% EARLIER THIS MORNING.

SOLANA HAS LOST ALMOST ONE-FOURTH OF THE TOTAL VALUE LOCKED (TVL) IN ITS PROTOCOL AS A RESULT OF THIS BREACH. OVERALL VALUE LOCKED IS A CRUCIAL INDICATOR FOR ASSESSING NETWORK USAGE IN ITS ENTIRETY; REDUCTIONS IN THIS METRIC INDICATE THAT INVESTORS ARE WITHDRAWING THEIR CAPITAL FROM A PARTICULAR ECOSYSTEM.

THIS MOST RECENT HACK APPEARS TO HAVE BEEN CAUSED BY A KNOWLEDGEABLE INVESTOR PUTTING OUT SIZABLE HOLDINGS IN LEVERAGED PERPETUAL CONTRACTS ON THE MANGO MARKETS PLATFORM. AS A RESULT, THE TRADER’S PERPETUAL CONTRACTS SAW A MARK-TO-MARKET INCREASE, INCREASING THEIR VALUE AND ENABLING THE HACKER TO VIRTUALLY EXTRACT ALL OF THE PROTOCOL’S LIQUIDITY.

WHAT THEN:

IT’S OBVIOUS THAT A LOT OF TIME AND ATTENTION WENT INTO AN ATTACK LIKE THIS ON A PROJECT’S COLLATERAL. THE CONCERNED HACKER IS APPARENTLY WILLING TO PAY BACK “BAD DEBT,” WHICH RESULTED FROM A BAILOUT GIVEN TO A HIGHLY LEVERAGED WHALE, IN EXCHANGE FOR REPAYING THE MONIES THAT WERE OBTAINED THROUGH THE PROTOCOL. IN ANY EVENT, IT’S ENORMOUS NEWS THAT ONE PERSON WAS ABLE TO SUCCESSFULLY KILL A SIGNIFICANT AND SIGNIFICANT DECENTRALISED LENDING MECHANISM.

SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD

THIS IS THE MOST RECENT IN A LINE OF SECURITY-RELATED PROBLEMS FOR SOLANA THAT HAVE ALARMED INVESTORS. EXPLOITS OF THE TOP 10 PROJECTS HAVE UNDOUBTEDLY CAUSED FEAR FOR INVESTORS IN OTHER PROJECTS LIKE XRP AND CARDANO. 

CARDANO’S ECOSYSTEM HAS LOST SOME OF ITS LUSTRE FOLLOWING ITS HIGHLY ANTICIPATED VASIL HARD FORK UPGRADE, WHILE XRP IS BATTLING ITS OWN PROJECT-SPECIFIC CHALLENGES RELATED TO AN ONGOING DISPUTE WITH THE SECURITIES AND EXCHANGE COMMISSION OVER WHETHER ITS TOKEN QUALIFIES AS A SECURITY.

INVESTORS, ESPECIALLY THOSE WHO MAY HAVE BEEN INITIALLY DUBIOUS ABOUT THE UNDERLYING TECHNOLOGY, WILL CONTINUE TO PAY CLOSE ATTENTION TO WHAT EXPLOITS (OR HACKS) ARE USED. MISTAKES WILL BE MADE BECAUSE THE EMERGING CRYPTO INDUSTRY IS STILL IN ITS EARLY STAGES. HOWEVER, MANY INSTITUTIONAL INVESTORS MIGHT DECIDE TO WAIT IT OUT WHILE THE ISSUES ARE IRONED OUT.

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CRYPTO NEWS: SOLANA, XRP, AND CARDANO WERE ALL SEVERELY HACKED TODAY FOR 100 MILLION USD.

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