A cyber attack on Solana, which has resulted in the emptying of the portfolios of 8,000 clientscould lead to lawsuits being filed against its software developers and third-party service providers, warns the international law firm RPC.
Dan Wyatt, Partner at RPC, said: “Whether the attack was due to faulty coding, software, or a security flawaffected customers could file a claim against Solana developers or service providers“. And then added:
“The recent Tulip Trading case has left the door open for lawsuits in court against developers who failed to take reasonable precautions not to harm users’ interests, for example by introducing flaws that could leave them vulnerable to loss. In principle, This reasoning also applies to service providers.
Chris Whitehouse, a senior associate at RPC, said affected users are also they can choose to file a claim against the unknown hackers in court, using blockchain trackers for traceability on their embezzled assets.
If the assets can be traced back to a cryptocurrency exchange, it is possible to freeze them.
Another option would be obtain disclosure orders against the exchanges to which the embezzled assets were moved, to try to identify the hackers.
Chris Whitehouse concluded: “Even if the fault of the developers or service providers is eventually established, users should consider taking quick action now to get their assets back of hackers in the first instance“.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.