Could Solana-based Drift’s $285 million hack have been stopped earlier? The Solana Foundation and other security researchers believe so.
As a result, the Foundation has unveiled two universal security measures to prevent and counter emerging threats against major protocols before they occur.
The first phase will be Solana Trust, Resilience, and Infrastructure for DeFi Enterprises (STRIDE). They will evaluate, manage, and develop security issues in Solana DeFi projects with more than $10M in TVL (total value locked).
In addition, it will establish security standards for each Solana protocol, including independent review and public input.
For protocols with $100M in TVL and above, the Solana Foundation will support security verification. The goal is to identify threats before they become incidents. But it doesn’t stop at risk assessment.
The second part, called SIRN, or Solana Incident Response Network, consists of security companies and researchers to protect the entire environment in the event of a threat.
Other security companies include Asymmetric Research, OtterSec, Neodyme, Squads, and ZeroShadow. Overall, security upgrades help investors better understand the risk profiles of the protocols they are exposed to.
Will Solana win the trust of investors?
As previously reported, the global security upgrade comes after Drift lost $285M. The hacking was initiated in North Korea through a technological breakthrough that lasted 6 months.
Security experts from TRM Labs discovered this The drift was destroyed ‘his window’ and he acted too late to stop what happened after weeks of red flags.
Also, some experts he said that a proper assessment of the attackers, who allegedly met with Drift at various company meetings, would have prevented this.
That said, key organic players have welcomed the move. Notably, Allan Marshall, CEO of Upexi, Solana’s financial services company, said,
Every business I’ve talked to asks if the security and blockchain infrastructure is ready for their needs ahead of time. I’m glad to see Solana continue to build infrastructure to welcome more players.
Similar views have been promoted by other supporters, who see trust as the foundation of DeFi and adoption.
That said, it’s been a week since Drift was revealed, and The price of Solana shares it remained unchanged at $14B, confirming that DeFi funds did not change (down 0.19%).
Conversely, investors did not flee Solana after the events of Drift. Now, it remains to be seen whether the new security upgrades will instill more confidence.
Brief Summary
- Solana Foundation has unveiled a new 24/7 security monitoring and accountability system for its DeFi protocols.
- Guidance will be given to protocols with $10M and +$100M in assets in order to reduce security incidents and boost investor confidence.
