SOL - A $100 Million Hack Hit Solana XRP and Cardano Hard Today
Yet another massive hack in the world of cryptocurrency could be considered par for the course. This year, more than $2 billion has been exploited from various crypto projects, with Tuesday's hack of Solana-based decentralized lending platform Mango Markets creating a tremendous amount of concern among investors.
As of 2 p.m ET on Thursday, Solana (CRYPTO: SOL) , XRP (CRYPTO: XRP) , and Cardano (CRYPTO: ADA) were down 2.6%, 1.4% and 2.9%, respectively, over the past 24 hours. That said, it should be noted that these cryptocurrencies have regained much of their losses throughout the trading day. Earlier this morning, these 24-hour declines had been as much as 9%, 8.7%, and 10.4%, respectively.
This hack has resulted in Solana losing approximately one-quarter of its total value locked (TVL) on its protocol. Total value locked is a key metric used to determine aggregate use of a network, with declines suggesting investors are pulling their capital out of a given ecosystem.
For further details see:
A $100 Million Hack Hit Solana, XRP, and Cardano Hard Today