On Solana, staked coins have to move even though not a single one of them was stolen. According to data cited by the industry outlet Unchained, around 1.56 million SOL were delegated on October 28 to the validator run by the Solflare wallet, which has stopped generating rewards after a key incident at a staking service provider. Solflare has now extended the deadline for switching to a new validator to November 30, and the SOL price stood at $92.99 on Tuesday evening, November 3.
What is established: on October 26 and 27, unknown parties used operating keys from five Solana validators and, by the calculation of analytics firm Bitquery, withdrew assets worth around $135,000; users' delegated balances were left untouched. Our assessment follows further below. For the price, the incident is a footnote. For anyone staking SOL, it is a reminder that the choice of validator carries a risk of its own.
Where the price could head over a horizon of months is covered in our Solana price prediction. This piece is about the coming days and weeks: what exactly happened at the validators, why staking income can stop without a single coin being lost, whi...
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