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Academy Company Updates Article

OKX Wallet: Secure assets on Solana and 28 other blockchains

2022.08.09 Haider Rafique

Last week, a widespread exploit resulted in numerous Solana wallets being drained of funds. The root cause appears to be an issue with how the Slope wallet creates, imports and uses private keys. While the incident did not impact the Solana network itself, it resulted in thousands of Solana users losing an estimated $4.5 million in crypto and reminds the industry of the importance of wallet security.   

OKX Wallet is a powerful decentralized Web3 wallet that supports 29 blockchain networks — including Solana. More importantly, it uses industry-standard and cutting-edge security practices to ensure user funds remain safe from exploits like last week’s.    

Unpacking the Solana wallet exploit

Self-custody is central to crypto’s ethos. The ability to take full control of one’s own assets, securely store them, and transact without permission is what makes blockchain technology so powerful. 

Yet, on Tuesday, Aug. 2, a widespread security breach saw thousands of Solana users lose the entire contents of their self-custody wallets. After investigation, the incident appeared connected to the Slope mobile software wallet. 

Reports suggested that affected users had created or imported a seed phrase with the Slope mobile wallet. Later, several independent researchers stated that Slope logged seed phrases in plain text on centralized servers, which is a severe security vulnerability. 

Slope’s design left users exposed to the exact threats a self-custody wallet is supposed to protect against.

Why OKX Wallet is the safest Solana storage solution

OKX Wallet is a powerful, multi-chain interoperable Web3 wallet available for mobile and as a browser extension. In developing OKX Wallet, we prioritized security first and foremost. Seed phrases generated on or imported to OKX Wallet are encrypted locally and remain on your own device. Therefore, crucial information that grants access to funds is never stored on a centralized server, and only the user themself can decrypt the seed phrase.   

The OKX team also developed the KYT — Know Your Transaction — system to help our users stay safe from potential scams. Active by default on OKX Wallet, KYT identifies suspicious contracts and informs users of suspected threats before they sign a transaction. As an additional security feature, OKX Wallet lets users quickly revoke approvals on all supported blockchains within the app and browser extension.

Understanding and protecting seed phrases and private keys are crucial to navigating Web3 safely. If you’re unsure what a seed phrase or private key is, you can learn more about them in the following OKX Learn guides: 

OKX Wallet: One Web3 portal to rule them all

Although security was our number one priority when developing OKX Wallet, providing an unparalleled user experience came a close second. In addition to Solana and the OKC blockchain, it supports 27 networks, including Bitcoin, Ethereum, BSC, Polygon, Avalanche, Arbitrum, Optimism, Cronos, TRON, Cosmos and Polkadot.

A single, securely generated seed phrase — stored locally on user devices — provides access to more than 1,000 decentralized applications across the supported chains. Among them is the OKX DEX, which enables instant crypto swaps between 11 blockchains, and OKX NFT Marketplace, which supports feeless nonfungible-token trading across seven chains on its secondary market. 

Combined, these features and others make OKX Wallet the perfect portal from which to launch your Web3 journey. Game on! 

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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