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Solana Halts Block Production, Validators Told to Prep for a Restart, Network’s Decentralization Criticized

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On June 1, 2022, the Solana network halted block production again as the blockchain network has stopped working a number of times during the network’s lifetime. According to the Solana status update, validator operators are being asked to prepare for a restart. Solana Continues to Be Plagued by Outages, SOL Downtime Denounced by the Crypto […]

Solana Halts Block Production, Validators Told to Prep for a Restart, Network's Decentralization Criticized

On June 1, 2022, the Solana network halted block production again as the blockchain network has stopped working a number of times during the network’s lifetime. According to the Solana status update, validator operators are being asked to prepare for a restart.

Solana Continues to Be Plagued by Outages, SOL Downtime Denounced by the Crypto Community

The blockchain network Solana (SOL) is down again as the network has been halted by the development team. The Twitter account Solana Status (@solanastatus) tweeted about the incident on Wednesday at 12:56 p.m. (ET) and the Solana status website also explains that block production has been halted.

“Block production on Solana Mainnet Beta has halted. Validator operators should prepare for a restart in mb-validators on Discord,” the status details.

The Solana (SOL) network has been plagued by a number of outages and its been estimated that the proof-of-stake (PoS) blockchain has been down a total of eight times. Bitcoin.com News has reported on a number of Solana’s outages and the one that followed Anatoly Yakovenko’s (Solana co-founder) recent commentary.

Yakovenko claimed last month that “If [Bitcoin] eventually doesn’t switch to proof-of-stake nobody is going to use it.” After the statements, Solana’s blockchain lost consensus for over seven hours. Bitcoin.com News also reported on Solana’s mid-September outage and the debate that surfaced after the blockchain’s downtime.

Solana’s development team has formally acknowledged some of the issues it was dealing with and how it “degraded performance.” The team blamed “high compute transactions, which is reducing network capacity to several thousand transactions per second.”

Of course, with Solana going down again, the comments on social media and crypto related forums have not been kind to the crypto project worth $14 billion. “Solana has now failed for the 8th time. The network is currently halted,” one individual tweeted. “Trading of the $14 billion asset is still possible on centralized exchanges, which seems to be the primary use case of a constantly failing network,” the person added.

Bitcoin advocated Dennis Porter wrote: “Solana just stopped. Bitcoin can’t be stopped. Invest accordingly.” According to the Bitcoin Uptime Tracker, the Bitcoin network has been functional for 99.98742319836% of its lifetime.

“The diamond hands of Solana are amazing,” another person criticized on Wednesday afternoon. “0 NFTs have been listed in the last hour. You can’t say the same for any other chain except maybe Terra/LUNA,” the individual added.

Meanwhile, ethereum, XRP, and cardano owners opined why they thought their favorite tokens were way better than Solana. Amid the downtime and at the time of writing, solana (SOL) has lost 9.9% in value against the U.S. dollar. Coinbase also reported on Solana’s latest outage and noted that the exchange had to disable send and receives on the network.

What do you think about Solana halting block production and the number of times the network has gone down? Do you think blockchain uptime is important? Let us know what you think about this subject in the comments section below.





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Solana (SOL) Shows Second Worst Weekly Performance Among Top 100

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Solana’s SOL token ends this not-so-pleasant week for the blockchain at 9.93% cheaper than its initial values. This result puts SOL second from the end in the list of the top 100 cryptocurrencies by weekly performance by CoinMarketCap.

It is likely that such negative price action of SOL was aggravated by the situation with the hacking of wallets on the blockchain. As soon as the news of the hacking of Solana wallets became known, SOL dropped by 9%. At the same time, Solana still ranks ninth in the top cryptocurrencies by market capitalization with an estimated value of all circulating SOL tokens at $13.86 billion.

Solana’s good and bad PR

All week there were various speculations about what and how, when at last the version that the Slope application was to blame was presented. As it turned out, Slope was storing the seed phrases from wallets on centralized servers. The head of Solana Labs, Andrei Yakovenko, commenting on the situation said that any user who at least once imported their seed phrase into Slope could consider it compromised.

Sam Bankman-Fried, founder of FTX and one of the most prominent figures in the crypto market at the moment, also expressed his support for the project. According to the entrepreneur, because of bad PR Solana is the most undervalued project right now, and the SOL token is the most undervalued digital asset. He also said that any other project would break down the same way if it tried to do what Solana does.

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At the same time, it would be wrong not to notice that Sam Bankman-Fried with his FTX and Alameda are directly affiliated with Solana, and the entrepreneur’s comments should be taken from that perspective.



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Solana Technical Analysis Report | 4th-AUG-2022

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SOL, the native token of the Solana network, is a popular asset with a market capitalization of $13.6 bn. The asset dipped under the 20-day EMA ($40) this Tuesday and fell to the 50-day SMA ($37) yesterday. The reason for this dip might be due to the negative publicity it got over the $8 Million […]
The post Solana Technical Analysis Report | 4th-AUG-2022 appeared first on ZebPay.

SOL, the native token of the Solana network, is a popular asset with a market capitalization of $13.6 bn. The asset dipped under the 20-day EMA ($40) this Tuesday and fell to the 50-day SMA ($37) yesterday. The reason for this dip might be due to the negative publicity it got over the $8 Million user fund having been taken out by unknown hackers from the Solana-based hot-wallets which included TrustWallet, Phantom, and Slope. This made the Solana ecosystem the biggest victim of the crypto asset hack. 

Read more: Solana Ecosystem Under Attack

At the time of writing, SOL was trading at $39.7.

Solana (SOL) Chart | 4th August 2022
Solana (SOL) Chart

SOL made a ‘Shooting Star’ (Bearish) candle on 2nd April at $143 and plunged by almost 81% within three months making the low of $25.86. Post this move, the asset made a ‘Tweezer Bottom’ pattern at the low and rallied up to $47.36. Currently, on a daily time frame, SOL is trading in a ‘Symmetrical Triangle’ pattern where the ascending trendline acts as a support and the descending trendline acts as a strong resistance. Breakouts on either side of the pattern with good volumes will further decide the trend for the asset.

Support 2 Support 1 Asset Resistance 1 Resistance 2
$25 $32 SOL $48 $60

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

The post Solana Technical Analysis Report | 4th-AUG-2022 appeared first on ZebPay.





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Solana holdings on Phantom, Slope, and Trust wallets compromised

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The Solana ecosystem appears to have suffered a close to $ 6 million hack, wiping off Solana tokens ( SOL) on a few hot wallets on Tuesday evening. The details about the hacker remain unknown as of today. The hack has occurred on Phantom, Slope, and Trust wallets wiping off the assets of close to […]
The post Solana holdings on Phantom, Slope, and Trust wallets compromised appeared first on ZebPay.

The Solana ecosystem appears to have suffered a close to $ 6 million hack, wiping off Solana tokens ( SOL) on a few hot wallets on Tuesday evening. The details about the hacker remain unknown as of today. The hack has occurred on Phantom, Slope, and Trust wallets wiping off the assets of close to 8000 accounts as per Blockchain auditor Otter Sec. While users pointed out that the hack has occurred on Phantom wallets, the company has denied the claim quoting “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue” via a Twitter post. 

Solana Under attack report

Slope said that they are currently working with Solana labs to rectify this issue and get to the exact root cause of the compromise via a Twitter post.

Slope Finance Solana News

The hack could have occurred as a result of exposing private keys to a browser extension leading to a potential compromise as per reports.

Otter Sec has posted images on Twitter showing the hot wallets being compromised. Hot wallets are Crypto wallets connected to the internet at all times, these are different from exchange wallets. The attacker was able to sign and initiate transfers on behalf of users suggesting a private key compromise. 

Solana is currently the 9th largest Crypto asset with a market capitalization of $ 13 billion. At the time of writing, Solana has dropped by roughly 3.85% in the last 24 hours as per Coinmarket Cap. 

How to keep your holdings safe

Wallet Security:

Always ensure that your wallets are secure and never share your private keys with anyone. 

Beware of Scamsters:

ZebPay never asks users to share any information via email, phone, or Social Media. Beware of impersonators who pretend to represent the company. There may be no recourse from loss in such transactions.

Free money scams:

Never give into scams that promise to multiply your wealth. No market assets can promise assured returns, and it’s important to note that there is a risk associated with Cryptos which are subject to market conditions.

While this hack has occurred on hot wallets, holders of Solana on Crypto Exchanges don’t need to worry about this. Your holdings are safe on your Zebpay wallet. At Zebpay customer asset safety is our top priority and we consistently strive to make Crypto trading experiences better for you.

The post Solana holdings on Phantom, Slope, and Trust wallets compromised appeared first on ZebPay.





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