Solana was in the news recently after it addressed this week’s hack by underscoring the need to improve wallet address security. NEAR protocol promptly took note and has now taken action to improve security for all NEAR wallet users.
On 6/6/2022 a bug was reported in the wallet. There was a potential vulnerability in the security of wallets that used email or SMS recovery as data travelled to the third party service. The bug was patched that same day and no accounts were compromised.The protocol is keen on moving from the SMS and email recovery method in a bid to boost wallet security. New addresses will no longer use this method and NEAR has encouraged existing users to change their security settings.
NEAR’s current retracement is also not surprising considering that the rally briefly pushed the price into the overbought zone.The cryptocurrency’s strong bullish uptick on Friday was backed by a strong increase in its market cap. The latter grew by more than $500 million during the same trading session.
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