FTX CEO Sam Bankman-Fried said that a prominent Ethereum competitor is undervalued. The altcoin pointed out by the crypto billionaire has been on the agenda with a series of cuts in recent months.
According to Sam Bankman-Fried, this altcoin does not get the value it deserves
Crypto billionaire Sam Bankman-Fried says Solana (SOL) remains the least appreciated cryptocurrency despite recent woes. Speaking in a new interview with Fortune, the CEO of FTX said that Solana has overcome the challenges:
Solana is currently the least appreciated token… In a way, I think Solana is the answer. To be fair, I believe he deserves it as he has gotten a lot of negative press in a short period of time. There are many technological challenges to overcome, but I believe it has already largely succeeded.
“The main thing is…”
Solana is a functional open source project that implements a new permissionless and high-speed layer-1 Blockchain. The altcoin project especially gathered its investors during the 2017 ICO boom. It has since become one of the permanent names in the top 10 by market capitalization. But despite its glitz and glamor, Solana has experienced hours of downtime in the past months. Sam Bankman-Fried says the key is to overcome these challenges:
What people miss about Solana is that when you push the boundaries of what’s possible, you discover what fails. Any Blockchain trying to do what Solana did would crash. By doing this, it can identify what needs improvement and what needs to be improved. I think it would be much better if the problems were solved as soon as possible. The main thing blockchains have to do today is to push the boundaries and find out what’s broken if they want to thrive.
The CEO states that his views on Solana are his own. He also cautions that it should not be viewed as financial advice. On the other hand, Solana was hacked for $8 million earlier this month.
Hackers steal millions by attacking Solana
The Solana ecosystem suffered an $8 million hack due to malicious actors taking advantage of blockchain-connected mobile crypto wallets. Thus, approximately $4.5 million worth of tokens have been withdrawn from thousands of Solana wallets since August 2. Thousands of Solana wallets have lost a total of approximately $4.5 million in tokens since last night. The vulnerability is believed to be caused by software in certain wallets, including Slope and Phantom. Hardware wallets were not affected by this attacker.
Engineers from across several ecosystems, in conjunction with audit and security firms, continue to investigate the root cause of an incident that resulted in approximately 8,000 wallets being drained. 1/2
— Solana Status (@SolanaStatus) August 3, 2022
Solana developers say they’ve identified the root cause of the attack:
Compromised private keys generated, imported, or used in Slope mobile wallet apps.
cryptocoin.comWe have covered the details of Solana hack in this article.
