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Crypto news: SOL dips following $320m hacker attack

By Daniela Ešnerová


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In this article:
Binance Coin / USD
289.79 USD
-5.13 -1.780%
Binance Coin / USD
289.79 USD
-5.13 -1.780%
Bitcoin / USD
16854.70 USD
-187.25 -1.100%
Ethereum / USD
1235.09 USD
-23.7 -1.890%
Solana / USD
13.7228 USD
-0.5321 -3.770%

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Solana (SOL) logo against red background with with lines representing downward market moves.
Solana (SOL) has seen steeper losses over the last 24 hours than any other cryptocurrency from top 50 – Photo: Shutterstock

The price of solana (SOL) tumbled on Thursday after hackers attacked Wormhole, a bridge between the Solana and Ethereum networks, and stole more than 120,000 wrapped ether (wETH) worth around $320m.

Solana fell more than 14% taking its price down to $94.65 by mid-morning in London.

Wormhole is a communication bridge that connects Solana to other decentralised finance (DeFi) networks that allows users to transfer cryptocurrencies between a number of blockchains without using decentralised exchanges.

Originally built on Solana as a bi-directional bridge for Solana and Ethereum cross-transfers, Wormhole now also supports transfers between Binance Smart Chain, Polygon, Terra, Avalanche and Oasis ecosystems.

On Wednesday, an on-chain analyst, tweeting under the nickname ‘samczsun’, posted a message from the Wormhole team to a hacker, which was attached to a transaction block. 

The tweet read: “This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement, and present you a bug bounty of $10m for exploit details, and returning the wETH you’ve minted. You can reach out to us at”


1,235.09 Price
-1.890% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00


0.00 Price
-3.230% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000688


0.10 Price
-4.160% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0012155


0.38 Price
-1.930% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00314

Chart of the day: SOL and ETH slump after hacker attack

A line chart representing price movements of solana (SOL) and ether (ETH) in reaction to news about hacker attack on Solana-Ethereum bridging solutionSolana (SOL) fell 7%, while ether (ETH) was down 3.5% – Credit: TradingView

Wormhole then issued a tweet that it was investigating a potential exploit.

Following the attack, some $360 worth of ETH was not backed, and Wormhole said that it would add the amount to the system over the following hours to ensure that ETH was backed 1:1 to fiat currency. 

It was the second biggest DeFi attack to date since last April, when cross-chain protocol PolyNetwork was hacked for $611m.

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Quote of the day

Jack Dorsey, former chief executive of Twitter and founder and CEO of Square, speaking to CNBC

“If bitcoin existed before Twitter started, I think we would see completely different business models. I don't think we would be as dependent upon one business model. I think there would be a much healthier balance of business models.”

Top coins by market capitalisation

As of 07:00 GMT: 

Winners and losers

  • quant (QNT) added a whopping 24.29% over the last 24 hours (and 35.42% over the last week). It is now 58th biggest cryptocurrency by market capitalisation.
  • solana (SOL), the seventh biggest virtual token by market capitalisation, lost 14% over the last 24 hours - more than any other top 50 coin in the period.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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