SHILL Issue 150

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@SlorgoftheSlugs This year, we will save Solana by killing wallet draining forever. Introducing Lighthouse Protocol: Wallet draining is a lucrative industry. Across 2023 alone, the impact of drains is estimated to be nearly $300 million dollars stolen from 320,000 victims. Slorg Drainer websites are becoming 9-figure revenue opportunities for scammers. They imitate real web3 plat- 10 SHILL Issue #150
forms, and deceive victims into signing malicious transactions to steal everything they have. But how successful are they? The scariest part is how far a single motivated… Show more the largest impediments to mass adoption for Solana. The dynamic it creates makes web3 inhospitable to anyone other than the truly battle-hardened. Quote Almost every person in the space knows somebody who has been drained, and the reason is obvious: Millions of scam NFTs are sent out to anyone with a wallet on Solana — every single day. Slorg Imagine if anyone could toss wadded up pieces of paper into your bank account. And on days when you might be a bit too tired or uncritical, you open to read one — and suddenly your life savings is gone. This is the current wallet experience for many people. Show more But why are these drains even possible? This will be easier to understand with 3 examples: 1. The Bitflip Attack: You sign a txn, and the bad actor is able to alter a state in the smart contract(which you approved) from inactive to active. Because there is a 2 minute window before transactions expire, the bad actor can toggle this state on. Then he sends the transaction to the network with the malicious smart contract now in an active state. Not only that — but bad actors are on the ground posting scams under tweets, and preying on people in Discord. More recently, they’ve begun forming affiliate groups where they teach others the skillset for a cut of the profit. It would not be an overstatement to say that this is one of
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SHILL Issue 150

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