$41.5M Solana Hack Hits Swiss Crypto Exchange Hard

Key Points

• Hackers drained $41.5M in Solana from SwissBorg
• Breach came through a partner API in SOL staking protocol
• Losses equal more than half of SwissBorg’s Solana holdings
• Exchange pledges partial refunds from treasury reserves

SwissBorg, a Switzerland-based crypto exchange and wallet platform, has confirmed that hackers stole $41.5 million worth of Solana (SOL) in a major breach.

The Solana hack targeted the company’s SOL Earn staking program through a compromised partner API, leaving users shocked and raising fresh concerns about crypto security.

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

A Major Solana Hack Exposes SwissBorg

The exploit was first flagged by well-known blockchain sleuth ZachXBT, who reported that attackers siphoned tens of millions in Solana from SwissBorg accounts.

Shortly after, SwissBorg acknowledged the incident, admitting that its SOL Earn protocol had been fully drained.

While the hack only impacted 1% of the exchange’s user base, the damage is far more significant when measured against SwissBorg’s Solana reserves.

🚨JUST IN: According to @zachxbt, European crypto exchange @swissborg was exploited a few hours ago for 192.6K $SOL ($41M). pic.twitter.com/aJ6qyjI69o

— SolanaFloor (@SolanaFloor) September 8, 2025

According to blockchain data from Arkham Intelligence, SwissBorg held around $72.6 million worth of SOL before the attack. With $41.5 million gone, more than half of its Solana holdings have been wiped out in a single strike.

This isn’t just a financial hit, it’s a reputational one. SwissBorg has been vocal about its confidence in Solana, with CEO Cyrus Fazel praising the blockchain’s growth and potential in past interviews.

The fact that this enthusiasm has now backfired through a staking protocol exploit makes the Solana hack sting even more.

SwissBorg experienced an incident a few hours ago and 192.6K SOL ($41.5M) was stolen on Solana – @zachxbt

Theft address:
TYFWG3hvvxWMs2KXEk8cDuJCsXEyKs65eeqpD9P4mK1 pic.twitter.com/GEXmx032Q7

— Vladimir S. | Officer’s Notes (@officer_cia) September 8, 2025

Interestingly, Solana isn’t the only token facing turbulence. Just recently, USDD launched on Ethereum in an effort to expand its reach, while Justin Sun’s projects, including WLFI freeze, continue to stir debates about stability and trust in DeFi.

Losses, Refunds, and Recovery Efforts

SwissBorg has pledged to partially cover user losses from its treasury, promising to return a “significant portion” of stolen funds. However, the company admitted that full refunds may depend on recovering some of the missing assets.

The attack highlights a growing threat in crypto, vulnerabilities not in core exchange systems, but in connected services like APIs and partner platforms.

Just last month, a major JavaScript library flaw shook the industry, raising alarms about how third-party software can serve as a weak link in otherwise secure systems.

> Ledger CTO says basically all wallets are compromised

> 192K $SOL ($42M) were stolen from Swissborg

> Aquabot, which collaborated with a few Solana protocols, rugged for $4.65M

This all happened within a few hours pic.twitter.com/mOhhu0Lz9e

— Tommy B. 🇺🇸 (@realtommybibi) September 8, 2025

For now, all eyes are on investigators and white-hat hackers. Blockchain detectives are already tracing the stolen funds, and SwissBorg is working with specialists to contain the damage.

CEO Cyrus Fazel has also scheduled a live broadcast to brief the community, offering transparency as the situation unfolds.

Despite being a relatively isolated incident, the Solana hack underscores the rising risks of what ZachXBT calls a “crypto crime supercycle.” With billions already lost in 2025 to sophisticated attacks, this latest breach is yet another reminder that no platform is fully immune.

Other tokens have also seen unusual activity. MYX Finance’s sudden 167% surge sparked pump-and-dump concerns, while Ripple CTO’s NFT announcement recently sent PHNIX soaring 40% in just hours—showing how volatile and unpredictable the crypto market can be.

Why Solana Hacks Are Increasing

The SwissBorg case adds to a growing list of Solana-related breaches this year. Analysts point out that Solana’s rapid growth has made it a prime target for attackers, especially since it powers thousands of dApps, staking services, and DeFi platforms. Each integration creates new potential entry points for hackers.

Unlike traditional financial systems, blockchain ecosystems rely on smart contracts and APIs to interact across services. If even one link in that chain is weak, attackers can exploit it to bypass protections.

In this Solana hack, the vulnerability wasn’t inside SwissBorg’s own security systems but in a third-party API tied to its staking protocol. This distinction matters, because it shows how even well-funded platforms can be compromised indirectly.

Security experts warn that as Solana continues to expand, exchanges and wallets must adopt stricter due diligence with partners and conduct regular audits on third-party integrations.

The lesson from this Solana hack is clear: strong internal security isn’t enough when external connections remain exposed.

Meanwhile, countries are also taking stronger steps to regulate and secure digital assets. Kazakhstan, for instance, recently revealed a crypto reserve plan targeting a 2026 launch, reflecting a growing global push for financial stability in a risky market.