After Being Hacked, Solana Could Potentially Face Lawsuits From Investors

Solana's investors affected by the hack could sue the developer, according to international law firm RPC. (Solana)

JAKARTA – Crypto Solana (SOL), has been the victim of a hack that took place on August 3. Solana had to lose 5.2 million US dollars which the hackers stole from his network. This illegal act cost around 8,000 SOL crypto investors.

The problem has not been resolved, Solana is said to have the potential to face lawsuits from affected investors. This was conveyed by Dan Wyatt of the international law firm RPC, in a post on its website.

He argues that both Solana's software developers and their external service providers could be prosecuted if it is proven that the theft of funds from users' crypto wallets was caused by code errors or weak internal security systems.

"If the hack was caused by faulty coding, software, or security failures, the affected customer could potentially file a claim against Solana's developer or service provider," Wyatt said.

The lawyer gave an example of the Tulip Trading case which was sued by its users because the developer failed to provide security for its users.

"The recent Tulip Trading case has opened the door to claims in UK courts against developers who failed to take care not to harm users' interests, such as by introducing flaws that could make them vulnerable to harm," Wyatt added.

He said that this same reasoning can be applied to external service providers of the decentralized blockchain launched in 2020 in Switzerland.

Wyatt's senior colleague Chris Witehouse stated that Solana's users who were hacked could also choose to file a claim against hackers who violated network security protocols.

The unknown hacker who stole the cryptocurrency worth more than 5 million US dollars can be traced via blockchain. If they can be identified it will be possible to freeze the stolen funds.

Another legal option for users is to request a disclosure warrant against crypto platforms where these assets have been moved in an attempt to find the hackers involved in the theft.

"Even if the fault by the developer or service provider is ultimately established, users should still consider taking quick action now to recover their assets from the hack in the first place," Whitehouse said.