More problems for the Solana blockchain
More problems for the Solana blockchain
Blockchain

More problems for the Solana blockchain

By Vincenzo Cacioppoli - 16 Jun 2022

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Solana’s wallet, Phantom, announced that it will launch a new update next week to further strengthen its security after fixing a “demonic vulnerability” discovered by blockchain cybersecurity firm Halborn in May last year.

Solana discovers a new bug in its blockchain

The problems for the Solana blockchain do not end here

After a bug in the system blocked its blockchain worldwide for the umpteenth time last 2 June, now comes the announcement of a new update to the Phantom wallet specifically to increase the security levels of the system, following the discovery of a new bug in the system.

The vulnerability discovered by the IT company Halborn concerns the browser extension wallets MetaMask, Phantom, Brave and XDeFi. The new bug might manage to reach users’ wallets, according to sources at the security firm, which is working on a new update that should resolve the issue.

MetaMask had already made an update two months ago to fix the same problem, and now it is the turn of Phantom wallet, the crypto wallet of the Solana ecosystem, which in February closed a Series B funding round for $109 million, thus launching its IOS app and bringing its total valuation to $1.2 billion. After only six months after its launch, its app had already reached almost 2 million users.

This vulnerability discovered by the cybersecurity firm dates back as far as September 2021, and after the first interventions on the system to correct it at the beginning of the year and then in April, without succeeding in resolving the problem, according to experts, this update should now finally be the definitive one.

MetaMask also contributes to network improvement

MetaMask has also reportedly discovered the same bug and reported that it affects a very small part of its 30 million users.

These continuing problems affecting the Solana blockchain, considered until recently as Ethereum’s most dangerous rival due to its scalability and low costs, have led to a veritable collapse of SOL, which has lost around 70% of its value in a few weeks, slipping below $30, from around $140 two months ago.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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