CoinMarketCap News, August 4: We're Starting to Get Answers on What Caused Two Major Hack Attacks

We're starting to learn more about what led to thousands of Solana wallets being drained. An estimated 9,000 addresses were affected, with millions of dollars lost. In a new update, Solana said its protocol and cryptography were not to blame — instead, the exploit appears to be linked to Slope, a mobile software wallet. This project has confirmed that a "cohort" of hot wallets are affected. It also revealed that its own staff have had their wallets drained too, as well as the founder.

Over at Nomad, and frantic work continues to recover the $190 million that was stolen from the bridge earlier this week. An official address has been set up where white hat hackers and ethical security researchers can return funds. So far, it's received $17 million — most of it USD Coin, Wrapped Bitcoin, Tether and DAI. While this progress might seem encouraging, it represents less than 10% of what was taken in the "free-for-all" attack. An investigation continues, and Nomad's warning it will take action against wallets that fail to return funds.

A former Coinbase employee has pleaded not guilty to the insider trading of cryptocurrencies. Ishan Wahi is accused of sharing confidential information about when coins would be listed with his brother and a business associate. Prosecutors allege that the trio made gains of about $1.5 million as a result. While the Wahi brothers have been apprehended, Sameer Ramani remains on the run. The men face up to 20 years in prison if convicted.

And we've got some bad news if you're hoping to find love in the metaverse. Tinder's announced that it's going to stop investing in this technology for now. Parent company Match Group says there's a lack of clarity over what will and won't work — and it'll revisit virtual worlds at some point in future. Executives remain convinced that the metaverse will be crucial for attracting the next generation of Tinder users. In other developments, Tinder Coins are also being abandoned because tests delivered "'mixed results" — and the dating app's CEO is also being dumped after less than a year in the job.