Solana wipes out almost $1.5 billion in a week as network-related hacks mount
Decentralized finance (DeFi) asset Solana (SOL) is recording significant capital outflow, with the network facing various challenges, including hacks and system outages. The incidents appear to limit Solana’s potential to take over established platforms like Ethereum (ETH). October 13, Solana had a market cap of $10.6 billion, representing a drop of over $1.43 billion.
Although Solana’s sharp drop in market capitalization correlates with the general downturn in crypto markets, the asset is affected by the increasing related network exploits that have accelerated in recent months. The latest drop comes after Solana-based DeFi exchange Mango Markets was hit with an exploit of over $100 million. The incident saw the hackers manipulate price oracle data.
Source
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