While the total value of the assets stolen was unclear, four Solana wallet addresses drained approximately US$8 million from victims, according to security firm PeckShield.

More than 7,000 wallets appear to have been affected, with the security incident draining them of their SOL tokens and USDC stablecoins, Binance CEO Changpeng “CZ” Zhao said on Twitter.

Solana’s token SOL fell 7.3% to US$38.4 in early trading on Wednesday, its lowest price in a week. Bitcoin was little changed around US$23,000.

“Much remains unknown at this point – except that hardware wallets are not impacted,” Solana spokesman Austin Federa said.

Crypto projects are proving a rich vein for hackers and the industry has suffered numerous attacks this year. Solana’s woes come days after Nomad – a bridge protocol for transferring crypto tokens across different blockchains – lost close to US$200 million in security exploit on Monday.

More than US$1 billion has already been stolen from bridges in 2022, according to a June report by forensics firm Elliptic.

While there’s speculation the incident was a supply-chain attack, the nature of the exploit remains unclear, Federa said. Supply-chain hacks occur when an outside party or provider with access to the victim’s systems and data is infiltrated.