On Aug. 2, Solana trended on Twitter as countless users were either reporting on the hack as it unfolded or reporting to have lost funds themselves, warning anyone with Solana-based hot wallets to move their funds into cold wallets.

The exploit was later reported to be connected to Slope mobile wallet applications, with no evidence that the Solana protocol or its cryptography was compromised.

Blockchain investigator PeckShield on August 2 said the widespread hack is likely due to a "supply chain issue" which has been exploited to steal user private keys behind affected wallets. It said the estimated loss so far is around $8 million.

Solana-based wallets providers including Phantom and Slope, and nonfungible token (NFT) marketplace Magic Eden are among those that commented on the issue shortly after the attack came to light. Wallet provider Phantom noted that it is working with other teams to get to the bottom of the issue, adding at the time that it did not “believe this is a Phantom-specific issue."

Magic Eden confirmed the reports earlier in the day by stating that “seems to be a widespread SOL exploit at play that’s draining wallets throughout the ecosystem." Slope said it was working with Solana Labs and other Solana-based protocols to pinpoint the issue and rectify it. The next day, it released a letter confirming that a "cohort of Slope wallets were compromised in the breach."

Slope said it is currently working with Solana Labs and other Solana-based protocols to pinpoint the issue and rectify it, though there were "no major breakthroughs yet."

Still war-rooming through it. No major breakthroughs yet. Will follow up as soon as possible with any major conclusions and/or recommended practices.

— Slope (@slope_finance)August 3, 2022