Targeting Solana, hackers stole bitcoin from “hot” wallets. Despite the prevalence of attacks on blockchain platforms, Solana remains one of the fastest and cheapest digital asset trading ecosystems.
The cryptocurrency (SOL) and blockchain-compatible USDC were stolen by cybercriminals. Independent professionals and security organizations believe that the ongoing assault has caused $8 million in damages.
Solana has been the target of a bot spam and DDOS assaults. It is also accepting deposits for the next decentralized Saga phone.
Solana’s Twitter account now indicates that 8,000 wallets, including Phantom‘s and Slope‘s, were compromised. The corporation did not disclose the origin of the hack, although offline wallets remained untouched.
The business stated, “This does not seem to be a problem with Solana’s fundamental technology.”
Anatoly Yakovenko, co-founder of Solana, said that the infiltration targeted iOS and Android applications (meaning that the attackers exploited some weakness in connected apps or browser extensions). According to Decrypt, since transactions are signed using users’ private keys, this suggests that attackers compromised their seed phrase.
Michael Taylor steps down as CEO of MicroStrategy
Michael Saylor, who cofounded business intelligence software company MicroStrategy in 1989, will quit as CEO on August 8 to focus on increasing the company’s bitcoin holdings.
MicroStrategy President Phong Le will assume the role of CEO. Saylor will assume the role of board chairman. Phong joined MicroStrategy in 2015 and has served as president since 2020.
MicroStrategy is one of the biggest bitcoin holders in the world. As a result of the recent decrease in cryptocurrency values, the company revealed a $1 billion loss for the second quarter.
According to a release, Saylor will focus on innovation and long-term business strategy while continuing to manage the company’s bitcoin acquisition strategy as chairman of the board’s investments committee.
Saylor said, “As executive chairman, I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives, while Phong will be empowered as CEO to supervise the full company’s operations.”
MicroStrategy, located in Tysons, Virginia, reported second-quarter revenues of $122.1 million, a decrease of 2.6% from the prior year, and a net loss of $1.06 billion, compared to a net loss of $299.3 million the prior year. The loss comprises a $918 million impairment for digital asset losses.
Bitcoin, the most widely held cryptocurrency, has lost around fifty percent of its value over the last twelve months.
RobinHood lays off nearly a quarter of its employees
The retail trading platform Robinhood said on Tuesday that it is cutting off around 23% of its workforce, which caused its shares to decline more than 3% in after-hours trading.
In order to “achieve more cost discipline,” the business is also revamping its organizational structure, according to a blog post by Robinhood CEO Vlad Tenev. Tenev claimed that the online trading platform firm had to lay off workers due to high inflation and a recent bitcoin crisis.
According to Tenev, the corporation is eliminating around 23% of all its positions. Approximately 795 people, according to employment figures previously disclosed.
Robinhood previously reduced 9 percent of its personnel in April, claiming that the expansion of the business had resulted in several employment functions and positions being duplicated. Tenev said on Tuesday that the reduction wasn’t sufficient.
“This is on me,” Tenev stated. “As CEO, I authorized and assumed responsibility for our aggressive personnel trajectory.
Tenev ascribed the hiring excesses in 2021 to “the belief that the increased retail involvement we had been witnessing with the stock and crypto markets in the COVID period would endure into 2022,” which led to the layoffs. In 2021, the business also went public.
General managers will now oversee “specific companies” at the Menlo Park corporation after an organizational reorganization.
The announcement comes as the New York State Department of Financial Services has imposed a $30 million punishment on Robinhood’s cryptocurrency section for “severe failures” to adhere to the state’s cybersecurity and anti-money laundering rules for “virtual currency enterprises.” Although it had incorrectly certified Robinhood’s compliance, the government said that its compliance unit was understaffed and underfunded.
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