Slope Offers Solana Wallet Hackers Bounty, Threatens Legal Action


Share post:

Slope Wallet has announced a 10% bounty reward and no legal action would be taken if the hackers return the funds from Solana wallets taken earlier this week.

In the Twitter announcement, the Solana wallet provider included a designated wallet address where hackers should return 90% of the funds.

It also gave an ultimatum of 48 hours starting from 8:30 pm UTC on August 5, 2022. In addition, the wallet provider promised not to proceed with its investigations or pursue legal action if it receives the funds within the period.

Additionally, the Slope Finance team claimed that it has engaged leading blockchain intelligence firm TRM Labs and is working with law enforcement agencies. But its main priority remains the safe return of users’ funds.

However, the chances of hackers taking the deal are low. As one user pointed out, “crypto provides anonymity with the ability to launder assets for an indefinite time.” So the hacker’s identity might remain a secret unless they become sloppy.

Slope was one of the major Solana wallets affected by the recent breach. Other breached wallets include the likes of Phantom, Solflare, and TrustWallet.

Slope Advises Users to Create New Wallets

Meanwhile, the Slope Finance team has advised all users to create new wallets with new seed phrases and move their assets there. It added users shouldn’t use the same seed phrase for the new wallet.

Many in the crypto community have criticized this practice of storing users’ seed phrases, given that wallets are supposed to be non-custodial.

In the official statement shared immediately after the attack, the wallet provider mentioned that “many of our own staff and founders’ wallets were drained”, and it’s working to “identify and rectify.”

Solana Wallet Breach Traced to Slope

According to available information, over 8000 Solana wallets lost their funds to the attack, with over $4 million drained from Slope Wallets alone.

While the root cause of the attack was not quickly discovered, the blockchain network traced the attack to a Slope wallet.

Blockchain security firm OtterSec discovered that the hacker got access to the Slope centralized Sentry server, where all the users’ seed phrases were stored in plain text.

What do you think about this subject? Write to us and tell us!


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Original Source:

Author : Oluwapelumi Adejumo

Related articles

ChatGPT Can Now Browse The Internet

ChatGPT, the AI-powered language bot that has taken the world by storm, has just added more firepower to...

Why These Crypto Traders Are Bearish on Bitcoin (BTC) Price

These two renowned crypto traders have been vocal about their bearish outlook for the Bitcoin (BTC) price and...

Analyse du prix du Bitcoin pour le 24 mars 2023

Analyse du prix du Bitcoin pour le 24 mars 2023, Bitcoinla première plus grande crypto-monnaie basée sur la...

Análisis de precios de Bitcoin para el 24 de marzo de 2023

Análisis de precios de Bitcoin para el 24 de marzo de 2023, Bitcoinla primera criptomoneda más grande basada...