Emerging Threats on Solana Network
Blockaid CEO Ido Ben-Natan estimated that hackers targeted more than 5% of the active users who have their Backpack Wallet connected with the Solana network between June and September 2024. This incident fell at a time when memecoin traders were flooding the network, with some Ethereum Virtual Machine-based scam networks starting to attack the Solana network.
As Ben-Natan said, “EVM chains have set the bar high in terms of security, making it more difficult for attackers to easily exploit users.” Thus, attackers are focusing on less mature ecosystems, like Solana, where there is more scope for scammers and other malicious actors to operate. Phishing Attacks: A Never-Ending Battle
Phishing remains the most prevalent hazard in blockchain. Many fraudsters actually deceive users by making them connect their wallets to predatory services and eventually lose handsome amounts. During September 2024, victims of phishing lost about $46 million from 10,800 investors; total losses in Q3 2024 climbed up to $127 million.
Among those being targeted, one of the largest victims lost $32.43 million in Spark Wrapped Ethereum, a product of a phishing attack based on a permit signature. This really shows how just one single situation might be sufficient to cause the most substantial damage affecting individual users.
A Call for Industry-Wide Protection
Instead, Ben-Natan reiterated that solutions must emanate from the industry and not rely on user navigation via a complex, ever-changing threat landscape. “Attackers are relentless, always finding new ways to exploit vulnerabilities. It only takes one mistake for users to lose everything,” he said.
While Ethereum ecosystems first benefited from security tool developments, those are now actively adapted to protect Solana. Of course, in turn, this heats up the defensive of Solana, with attackers moving to other blockchains such as Tron and TON. To this day, this demands increased vigilance and blockchain security innovation.
The Bigger Picture
Although much has been developed concerning security, the blockchain space is still riddled with many vulnerabilities. According to CertiK, crypto hacks caused by 155 incidents in Q3 2024 have resulted in staggering losses of $753 million.
Although the efforts by Backpack Wallet and Blockaid have averted damages of $26.6 million, comprehensive security measures shall be taken within the broader blockchain industry to safeguard users and the ecosystems alike. As threats persist in evolution, ensuring long-term safety for digital assets will be paramount through collaborative solutions and proactive defenses.
