An investigation into the Solana exploit that affected nearly 8,000 wallets and siphoned both SOL and SPL tokens, including USDC, revealed that affected addresses were “at one point created, imported, or used in Slope mobile wallet applications.”

Nearly $5 million worth of digital assets have been drained from the hot wallet of cryptocurrency exchange ZB.com. The exchange halted client withdrawals earlier this week.

Nasdaq-listed business intelligence firm MicroStrategy took a non-cash digital impairment charge of $917.8 million in the second quarter of the year, according to its Q2 2022 earnings call.

Top stories in the Crypto Roundup today:

• Solana Exploit Traced Back to Slope Mobile Wallets
• Crypto Exchange ZB.com Hacked for Nearly $5 Million
• MicroStrategy Reports $917 Million Bitcoin Impairment Charge
• Crypto Exchange Volumes Year-to-Date

Solana Exploit Traced Back to Slope Mobile Wallets

An investigation into the Solana exploit that affected nearly 8,000 wallets and siphoned both SOL and SPL tokens, including USDC, revealed that affected addresses were “at one point created, imported, or used in Slope mobile wallet applications.”

According to a team dedicated to Solana blockchain’s status, an investigation conducted alongside developers and ecosystem teams revealed the bug wasn’t on Solana’s core code, but instead on software used by “several software wallets popular among users of the network.”

The group detailed:

"While the details of exactly how this occurred are still under investigation, but private key information was inadvertently transmitted to an application monitoring service."

Slope Finance issued a statement shortly after the investigation’s findings were unveiled, confirming a cohort of its wallets were compromised in the breach. It recommended users create a new seed phrase wallet and transfer their assets to it.

Crypto Exchange ZB.com Hacked for Nearly $5 Million

Nearly $5 million worth of digital assets have been drained from the hot wallet of cryptocurrency exchange ZB.com. The exchange halted client withdrawals earlier this week.

Ethereum blockchain data shows that significant amounts of over 20 digital assets moved from ZB.com’s hot wallet to another address, which has subsequently liquidated all but five of these tokens so far.

The tokens were sold on decentralized exchanges in exchange for 2,224 ETH, worth over $3.6 million. The potential hacker moved the funds to a new wallet, where they are now. Another wallet controlled by the hacker holds around $1 million worth of the remaining tokens.

The suspected hacking incident comes after ZB.com halted client deposits and withdrawals for “temporary maintenance” over the “failure of some core applications.”

ZB.com was one of the oldest exchanges on the market. It was formerly based in China and was among the exchanges that relocated from the country after a crypto crackdown in 2017.

MicroStrategy Reports $917 Million Bitcoin Impairment Charge

Nasdaq-listed business intelligence firm MicroStrategy took a non-cash digital impairment charge of $917.8 million in the second quarter of the year, according to its Q2 2022 earnings call.

An impairment charge describes a reduction or loss in the recoverable value of an asset. MicroStrategy’s impairment charge is related to its Bitcoin holdings and reflects the cryptocurrency’s price decline compared to when the firm purchased it.

The firm’s impairment charge in the second quarter marks a sharp increase from its $170.1 million charge in the first quarter of the year. Since August 2020, MicroStrategy has bought 129,699 BTC at an average price of $30,664 per coin.

Michael Saylor, who has served as the company’s CEO since its launch in 1989 and is now transitioning to be its Executive Chairman, is a well-known Bitcoin bull.

Year-to-Date Crypto Exchange Volumes

Binance has remained the market leader in cryptocurrency exchanges, towering over every competitor, even amid sudden volume surges on exchanges like DigiFinex.

Competing for second place are various Top-Tier exchanges, including Coinbase, FTX, OKX (formerly OKEx), and Crypto.com.

Find the full chart and more on CryptoCompare's latest blog post.

State of the Crypto by Top Tier Exchange Volume

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