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Solana Saga sells for up to $5K on eBay as Bonk frenzy causes sell-out

After months of tepid sales, the Solana Saga phone is now “SOLD OUT” on its official website amid a recent frenzy for the free Bonk memecoin airdrop.

A Solana Saga phone appears to have sold for as much as $5,000 on eBay — more than eight times its retail cost — after a frenzy to pick up a free memecoin airdrop caused the devices to sell out on the official website for the first time. 

According to a Dec. 16 listing on the online marketplace eBay, two unopened, in-box phones have recently sold, listed for $5,000 or “best offer,” while another device has sold for $3,316 or “best offer."

An additional 20 devices managed to sell for over $2,000 over the weekend, a more than $1,400 markup on the original $599 price tag on the Solana Mobile website.

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Solana phone sales skyrocket as degens scramble for pumped-up BONK

At current prices, the free BONK airdrop for Saga owners stands at $877, making it — at least temporarily — a “phone that pays for itself.”

Memecoin hopefuls have been snapping Solana’s crypto phone in droves after a recent price hike for Solana memecoin Bonk (BONK), which has risen more than 1,100% in the last 30 days. 

Since the Solana phone was launched on May 8 this year, new owners have been able to claim a free 30 million airdrop of the memecoin, but a recent rise in the token's price has presented an interesting arbitrage opportunity for buyers.

“Solana phone sales have >10x'd in the past 48 hours, and are now on track to sell out before the new year,” wrote Solana co-founder Raj Gokal in a Dec. 15 post to X (formerly Twitter).

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Solana hoses down ‘inaccurate’ CertiK report on Saga phone security flaws

CertiK claims Solana’s Saga smartphone contains a critical “bootloader vulnerability” — Solana Labs says the claims are entirely inaccurate.

A recent video from blockchain security firm CertiK made a series of “inaccurate” claims about a potential security vulnerability in Solana’s crypto-enabled Saga phone, Solana Labs has said. 

In a Nov. 15 post on X (formerly Twitter), CertiK claimed the Saga phone contained a “critical vulnerability” known as a “bootloader unlock” attack which would supposedly allow a malicious actor to install a hidden backdoor in the phone.

In a report sent to Cointelegraph, CertiK claimed the bootloader unlock would “allow an attacker with physical access to a phone to load custom firmware containing a root backdoor.”

“We demonstrate that this can compromise the most sensitive data stored on the phone, including cryptocurrency private keys,” CertiK’s report said.

However, a Solana Labs spokesperson told Cointelegraph that CertiK’s claims are inaccurate, and its video did not reveal any legitimate threat to the Saga device.

“The CertiK video does not reveal any known vulnerability or security threat to Saga holders.”

Android’s internal Open Source Project documentation shows unlocking a bootloader can be performed across a wide range of Android devices.

Solana Labs said to unlock the bootloader and install custom firmware, an attacker would have to go through multiple steps, which can only be performed after unlocking the device with the user’s passcode or fingerprint.

“Unlocking the bootloader wipes the device, which users are alerted about multiple times when unlocking the bootloader, so it’s not a process that can take place without users’ active participation or awareness,” Solana Labs said.

Related: Making real-world blockchain solutions possible — Solana co-founder Raj Gokal

Additionally, if anyone proceeds to unlock the bootloader on an Android device, they’re subjected to a series of warnings about the implications of the process.

If they ignore these warnings, the device will be wiped along with their private keys.

The Solana Saga phone was released in April 2022 for a $1,099 price tag. The phone offers a Web3-native DApp store in a bid to integrate crypto apps into tech hardware.

Four months after launch, however, Solana slashed its price to $599 — following a steep decline in sales.

CertiK did not immediately respond to a request for comment on Solana Labs' rebuttal.

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