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Solana hack prompts Twitter influencers to suggest decentralized wallets, finds GlobalData

 

August 5, 2022 (Investorideas.com Newswire) The recent hack on the Solana cryptocurrency wallet has led to a drain of millions of dollars, which raised concerns about the security of the crypto ecosystem. Against this backdrop, the volume of discussions around 'Solana' among Twitter influencers surged in the first week of August as most of them commended on the use of decentralized or open source wallets, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.


Smitarani Tripathy, Social Media Analyst at GlobalData, comments: "Most of the Twitter influencers opine that the investors' sentiments are again dented as the Solana-based wallets are compromised, which are based on closed source. Some of the Twitter influencers also define this exploitation as a 'software supply chain attack' and suggested all crypto wallets be open source or decentralized, as security becomes more challenging when the ecosystem is more centralized."

Below are a few most popular influencer opinions captured by GlobalData's Social Media Analytics Platform:

1. Redd Albergotti, Technology Editor at Semafor

"What I find most interesting about the Solana attacks is that it represents a fundamental challenge in Crypto: If you want to create a large platform that can perform transactions quickly (like we're used to with credit card transactions), security becomes a bigger challenge."

2. Sir Lord Joel Comm, Founder of OptionsHawk:

"Ditching my #solana holdings. This chain is too insecure, goes down too often, is too centralized and has too many vulnerabilities. I'm out. #cryptocurrency"

3. Dyma Budorin, CEO of Hacken:

"Blockchain protocols must assess all ecosystem projects security, before adding to trusted list. If you post a link to insecure crypto wallets at your main website, than u r responsible to hack as well"

4. Cody Willard, Hedge fund manager at TradingWithCody.com:

"Solana closed source strikes again! The closed-source culture around Solana has real consequences for users In this case, about 41k $SOL and a total value of about $6.5m"

5. Ivan Liljeqvist, Crypto Analyst

"Solana was not hacked A wallet was leaking keys Can happen on any chain

Thats why all wallets have to be open source..."

6. Joe McCann, Founder of Asymmetric

"Today is the day normies learn what the meaning of a "software supply chain attack" is. This is a major issue for ALL developers, not just @solana.

web2 has had massive security breaches and exploits due to supply chain attacks.

What is a supply chain attack?"

For more information

To gain access to our latest press releases: GlobalData Media Centre

Analysts available for comment. Please contact the GlobalData Press Office:

EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Email: pr@globaldata.com

Notes to Editors

  • Quotes are provided by Aurojyoti Bose, Lead Analyst at GlobalData
  • The information is based on GlobalData's Financial Deals Database
  • This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData's team of industry experts.

About GlobalData

4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

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