No products in the cart.
- Latest
- Trending
ADVERTISEMENT
(Kitco News) – Last Tuesday, $8 million in Solana was stolen from Slope, a company that holds crypto assets for its users. Slope’s centralized server stored seed her phrases belonging to users. Hackers accessed the server, stole the phrase, and exfiltrated the wallet.
MyEtherWallet COO Brian Norton said: What we found out later was that most of these attacks were focused on one wallet, Slope Finance, which had its seed phrases stored on a central server where most of Solana was exfiltrated. , but we also saw some cases of Ethereum being leaked, as these seed phrases were imported into other wallets by users.
However, he pointed out that the Solana source code itself was not compromised, and Slope’s security appeared to be compromised.
Norton spoke with Kitco News anchor and producer David Lin.
The need to protect your wallet
When a user purchases cryptocurrency, it is held in a digital wallet. These wallets can be either offline or online hot wallets, and online hot wallets can be hacked if private wallet data is shared over the network.
For Slope and Solana, this could theoretically happen on any blockchain, Norton said. Using a closed-source, centralized wallet infrastructure is not the way to go, it should be. [open-source] Must be client side.
“Client-side” means “we [at MyEtherWallet] There is no backend database to store people’s phrases or store people’s personal information. The key is the key to sign out of the wallet. That way no one will be able to access it, including us.
He stressed that cryptocurrency users need to be educated on how to self-manage their crypto assets and how to store their keys securely. He recommended using an offline “hardware wallet” and explained the advantages of an open source wallet infrastructure.
“Check that [your] Software wallets are open source, completely non-custodial, and have no way to store keys,” Norton said. Multiple different winners. you want to prevent that.
ethereum merge
Norton’s company, MyEtherWallet, is a “free and open-source client-side interface for creating Ethereum wallets and more,” according to its website.
In light of his company’s deal with Ethereum, Norton has commented on an upcoming Ethereum merger aimed at moving cryptocurrencies from a proof-of-work to a proof-of-stake model. .
“For casual users who own and trade” [Ethereum]you probably won’t see that much of a difference,” he explained.
He added that those running Ethereum validators “will be able to start withdrawing bets and rewards, and there will be more opportunities for new users to wager.”
Watch the video above for how Norton thinks Ethereum integration will affect its price.
Follow David Lin on Twitter. @davidlin_TV
Follow Kitoko News on Twitter: @ Kikko News NOW
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.
