Over 2 Billion Yen May Have Flowed Out from Early Solana Whales, Awakening After 5 Years

Recent reports suggest that wallets belonging to early large holders of Solana (SOL) may have experienced an unauthorized outflow of approximately 189,000 SOL.

Suspicious Fund Movements from Long-Dormant Wallets

The affected wallets are those that received tokens during the launch of the Solana network.

This address had been dormant for over five years. However, it suddenly had its staking disabled, and nearly all of its balance was transferred externally.

The outflow of cryptocurrency amounts to about 189,000 SOL, with the total loss estimated at around $14.2 million. The rapid movement of such a large sum of funds that had not been active for a long time is considered unusual for normal asset management.

As a result, there is a high likelihood of unauthorized access by a third party.

The first detection of the abnormal fund movement was made by a blockchain analysis group. Subsequently, several security experts have been tracking the detailed flow of funds.

The stolen funds were quickly consolidated into multiple newly created wallets on Solana.

Funds Transferred to Ethereum

Of the consolidated funds, approximately 60,000 SOL were sent to the Ethereum (ETH) network via a bridging function.

Furthermore, the use of a mixing service called Tornado Cash, which obscures the source of funds, has also been confirmed. This is a typical money laundering technique often seen in hacking incidents.

At this point, there have been no reports of vulnerabilities within the Solana system itself. It is highly suspected that the victim's private key was leaked for some reason.

No official statement has yet been issued by the wallet owners, and the detailed cause is under investigation.

This incident has once again highlighted the security risks faced by large users who have held cryptocurrencies since the early days. Dormant wallets that store large amounts of assets are always likely targets for attackers.

Temporary price fluctuations have also been observed in the market, and there is a demand for strict measures, such as proper management of self-custody wallets.

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