Quick Breakdown:
- SwissBorg’s Bitcoin app was targeted in a major Solana network hack resulting in losses estimated at $41 million.
- The breach underscores vulnerabilities within DeFi ecosystems and highlights the need for enhanced security protocols across crypto applications.
- SwissBorg is working with international agencies, exchanges, and white hat hackers to investigate and block transactions.
SwissBorg, a prominent crypto investment platform, recently faced a significant security breach when its Bitcoin app was exploited in a Solana network hack causing an estimated loss of $41 million. The incident has raised alarm bells across the decentralized finance (DeFi) community, emphasizing the persistent vulnerabilities inherent to blockchain-based services.
SOL Earn Incident & SwissBorg Recovery Plan
A partner API was compromised, impacting our SOL Earn Program (~193k SOL, <1% of users).
👉 Rest assured, the SwissBorg app remains fully secure and all other funds in Earn programs are 100% safe.Our recovery plan.
Immediate Actions…— SwissBorg (@swissborg) September 8, 2025
$41M Solana hack targeting SwissBorg’s Bitcoin app highlights DeFi risks on the Solana blockchain
The attack reportedly leveraged exploits within the Solana blockchain infrastructure, targeting SwissBorg’s integrated Bitcoin app. While Solana’s high throughput and low fees attract numerous projects, its network has experienced multiple security challenges previously. This new hack further illustrates the risks DeFi applications face operating on such platforms.
SwissBorg responded swiftly by suspending affected services and launching a thorough investigation alongside blockchain security experts. The firm assured users their funds are a top priority and reinforced its commitment to transparency throughout the resolution process. Analysts suggest that aggressive attacker tactics targeting bridging mechanisms between blockchains are growing more frequent, making multi-chain platforms particularly susceptible.
This incident occurs amid increasing scrutiny of DeFi platforms as regulators globally evaluate the complex security and compliance landscape. Investors are advised to exercise caution and employ robust security measures, including multisignature wallets and cold storage solutions, to safeguard digital assets.
SwissBorg’s experience highlights a critical reminder for the crypto sector: while innovation accelerates, safeguarding infrastructure remains paramount. Market participants should anticipate more attention towards auditing protocols and collaborative security frameworks to protect users from similar exploits.
Meanwhile, A crypto wallet associated with the “Coinbase hacker” recently spent $8 million on Solana (SOL), immediately losing value due to a decline in the cryptocurrency’s price. Blockchain security analysts, including Lookonchain and Arkham, have identified this wallet as being responsible for stealing over $300 million from Coinbase users, primarily through advanced social engineering attacks.
If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
