Solana hack could lead to claims against its developers and service providers

A cyberattack on Solana, which has resulted in the wallets of 8,000 customers being drained, could potentially lead to claims being taken against its software developers and third-party service providers, says international law firm RPC.

A cyberattack on Solana, which has resulted in the wallets of 8,000 customers being drained, could potentially lead to claims being taken against its software developers and third-party service providers, says international law firm RPC.
 
Dan Wyatt, Partner at RPC says: "If the hack resulted from defective coding, software or security failure, impacted customers could potentially pursue a claim against Solana’s developers or service providers.
 
"The recent Tulip Trading case has left the door open for claims in the UK courts against developers who failed to take reasonable care not to harm user interests, such as by introducing defects that could leave them vulnerable to losses. This reasoning would in principle also apply to service providers."
 
Chris Whitehouse, a Senior Associate at RPC says affected users may also choose to pursue a claim against the unknown hackers in the Courts, using blockchain tracers to track their misappropriated assets. 

If assets can be traced to a cryptocurrency exchange, it may be possible to freeze them. 

Another option would be to obtain disclosure orders against exchanges to which the misappropriated assets are traced, to try to identify the hackers.

Chris Whitehouse says: “Even if fault by the developers or service providers is ultimately established, users should still consider taking swift action now to recover their assets from the hackers in the first instance.”