Solana Genesis Wallet Hacked: $14.2M in SOL Stolen and Swapped for Ethereum

2 hour ago 2 sources negative

Key takeaways:

  • Hack may undermine Solana trust, causing short-term SOL underperformance relative to ETH.
  • Immediate SOL-to-ETH swap signals hacker confidence in Ethereum, potentially boosting ETH's safe-haven narrative.
  • Dormant wallet breach highlights staking risks; this could trigger unstaking waves, pressuring SOL price.

An early Solana investor known as an OG has fallen victim to a major hack, losing approximately 180,900 SOL tokens worth around $14.2 million. On-chain researcher ZachXBT and Specter Investigation detected unusual fund movements, including the unstaking of SOL and bridging of assets to the Ethereum network.

The stolen funds were ultimately sold and swapped for 7,918 ETH, a move that has raised serious security concerns within the Solana ecosystem. The victim’s address, believed to be linked to Solana’s genesis block, had never moved its assets before the incident.

While the exact attack method remains unknown, the suspicious transactions occurred just hours before the public disclosure. The breach underscores ongoing vulnerabilities in crypto wallets and could prompt increased scrutiny of Solana’s security infrastructure at a time when competition with Ethereum is intensifying.

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