Early Wednesday, an unknown attacker drained at least $5 million of SOL and other tokens from Solana digital wallets.

Solana’s SOL token held on to critical support early Wednesday even as a multimillion-dollar hack in the Ethereum alternative ecosystem saw several investors vent frustration, saying they’d consider shorting, or positioning for a decline in, the cryptocurrency.

The exploit saw an unknown attacker drain at least $5 million worth of SOL, SPL and other Solana-based tokens from the Phantom and Slope digital wallets.

The hack drew the investor community’s ire, with several Twitter participants calling a short position in SOL. A trader initiates a short position by selling a borrowed security or its derivative (futures contract) in the expectation of buying it back later at a lower price.

While SOL is trading weaker in the wake of the news, so far sellers have failed to penetrate the 50-day simple moving average (SMA) support at $37.50. At press time, the token changed hands at $38.50, a 4% drop on a 24-hour basis.

SOL’s losses appear muted, considering hacks and exploits have historically led to double-digit price slides in tokens associated with victim crypto platforms. Even so, the hack is terrible optics for the world’s fifth-largest smart-contract blockchain, promising faster and cheaper transactions than Ethereum. Solana’s several network outages in the past 12 months have already dented its appeal as an Ethereum alternative.

What’s helping the token stay resilient? According to observers, SOL’s oversold status and continued holding by large investors, or whales, seem to be supporting the cryptocurrency.

Mumbai-based crypto asset management firm MintingM said: “The SOL supply is controlled by whales and it appears they are holding on to their coin stash.”

Today’s muted response echoes the aftermath of June’s disruption to the Solana-based borrowing and lending service Solend.

On June 19, Solend users voted to take over the protocol’s largest account: a whale whose extremely large margin position was getting close to liquidation. The move aimed at mitigating liquidation risk was heavily criticized on social media as being the antithesis to the concept of decentralized or democratized finance. Yet, SOL jumped over 6% on the same day and gained another 20% in the following six days.

Just as the cryptocurrency sailed through the Solend issue, it will most likely sail through the current hack, MintingM said.

Matthew Dibb, COO and co-founder of Stack Funds, said, “Sol has been underperforming relative to other Layer 1s recently, however, it is proving relatively stable given the hack today.” Nevertheless, he said he expects continued selling pressure over the short run as details of the hack emerge.

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The billionaire said he believes the number of false and spam accounts counted in the social media platform’s monetizable daily active users is “wildly” above 5.%

Tesla (TSLA) CEO Elon Musk scrapped his $42 billion takeover deal to buy Twitter (TWTR), claiming the information provided by the social media giant was false and misleading, prompting the company to threaten to sue to enforce the agreement.

Musk, in a filing with the U.S. Securities and Exchange Commission, claimed Twitter was in material breach of multiple provisions of the deal and had apparently made false and misleading representations that Musk had relied upon.

Musk also claimed the company is likely to suffer a ” company material adverse effect.”

In May, Musk put the transaction on hold until he could verify that spam or fake accounts represent fewer than 5% of the total users on Twitter.

In today’s announcement, Musk’s attorney’s made it clear that the billionaire believes the actual number of bots making up total users is much higher than 5%.

“Preliminary analysis by Mr. Musk’s advisors of the information provided by Twitter to date causes Mr. Musk to strongly believe that the proportion of false and spam accounts included in the reported mDAU (monetizable daily active user) count is wildly higher than 5%.”

Twitter’s board responded, saying it was “confident” in the agreement and that it intends to close the deal at the agreed-upon $54.20 per share price:

“We are committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plan to pursue legal action to enforce the merger agreement,” the board said in its statement. “We are confident we will prevail in the Delaware Court of Chancery.”

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“Taking it back from Wall Street is the correct first step,” Twitter founder and erstwhile CEO Jack Dorsey tweeted Monday.

Twitter shouldn’t have an overlord, its founder and on-again-off-again CEO Jack Dorsey tweeted late Monday night. But if it must, then Elon Musk, the richest man in the world, is as good as it gets.

“Elon is the singular solution I trust,” Dorsey said of the social media’s impending change in ownership. Earlier Monday, Musk prevailed in his bid to take the company private for $54.20 a share.

Dorsey, a bitcoin maximalist, preceded his statement with an ode to decentralization: “In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however,” requires Elon, and Elon alone.

“Taking it back from Wall Street is the correct first step.”

Dorsey’s message follows a day of Twitterverse hand-wringing over the ramifications of a super-rich, bombastic billionaire grabbing control of his favorite megaphone. That debate could have an impact on crypto, too, as Musk has made his fondness for DOGE payments no secret.

For his part, Musk has pledged to prioritize free speech on Twitter, a message of open dialogue that Dorsey praised.

“Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also @paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart,” Dorsey tweeted.

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TRON founder Justin Sun responded by tweeting he would offer $60 a share, compared with Musk’s $54.20.

Elon Musk, the CEO of electric-car maker Tesla (TSLA), offered to buy social media company Twitter (TWTR) for about $41.3 billion in cash.

The $54.20-a-share offer is a 38% premium over the day before Musk’s investment in the company was made public earlier this month, according to a filing with the SEC.

Musk plans to take the company private in order to “go through the changes that need to be made,” he wrote in a text to Twitter Chairman Bret Taylor replicated in the filing.

In late March, Musk criticized the social media platform for failing to adhere to principles of free speech, saying that it serves as “de facto public town square” and this failure therefore undermines democracy.

“I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy,” Musk stated.

Following Musk’s filing, Justin Sun, the founder of the TRON blockchain, tweeted a thread in which he said he would offer $60 a share for the company.

Twitter shares surged more than 12% in pre-market trading following the news. They were trading recently up about 6.4% to just under $49.

Musk took a 9.2% stake in Twitter for an estimated $2.89 billion earlier this month, quickly followed by an announcement that he would be joining the company’s board of directors. However, CEO Parag Agrawal said a few days later that a board position was no longer on the cards.

“My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder,” Musk said according to the filing.

Owing to the Tesla CEO’s well-known interest in cryptocurrency, his announcements often make ripples in the crypto world. Meme-based crypto dogecoin enjoyed an 11% spike following the news of Musk’s initial Twitter investment, and rose about 6% after Thursday’s news. They are currently up 5% over the last 24 hours.

Twitter has also established itself as a crypto-friendly platform over recent months, adding the ability to send tips in bitcoin last September with the facility extended to ether in February.

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The social media giant added the ability to send bitcoin tips in September but Ethereum addresses are new.

Ethereum wallet addresses are now in the mix for Twitter-native tipping, the company said Wednesday.

The social media giant added bitcoin tips in September. Users can now add their Ethereum wallets to the product as well. (Note: It’s only available on mobile.)

The move follows Twitter’s continued exploration of the Ethereum ecosystem. The company debuted non-fungible token (NFT) verification for paid “Twitter Blue” subscribers last month. However, Ethereum wallet support is available to all users who agree to the company’s tipping policy, a Twitter spokesperson told CoinDesk.

The spokesperson said the new feature doesn’t support Ethereum Name Service (ENS) domain names.

Tipping with ETH and ERC-20 tokens (including Ethereum-based stablecoins) will be supported, the company confirmed.

“We’re continuing to expand ways to get paid on Twitter which includes more choices for creators and fans who want to use crypto,” Johnny Winston, lead product manager of creator monetization at Twitter, told CoinDesk in a statement. “We’re excited to add the ability for anyone to add their ETH address to Tips.”

Twitter also said it made its tips feature available in Nigeria, Ghana and India.

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