Raydium, a decentralized exchange (DEX) based on the Solana blockchain, appears to have been the victim of a $2 million hack.
The DEX recognized the issue and stated that it believes an attacker used the exchange’s admin address to carry out the hack.
An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known⁰Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for nowAttacker accnthttps://t.co/ZnEgL1KSwz
— Raydium (@RaydiumProtocol) December 16, 2022
The fraudulent transactions were discovered by Prysm, a decentralized exchange aggregator on Solana.
At the time of publication, around $2 million in various cryptocurrencies were resting in the account of an attacker who had deliberately withdrawn user cash from Raydium liquidity pools.
ZachXBT, an on-chain investigator, discovered that the offender had moved the exploited fund to Ethereum.
Then bridged to ETH (~$2m so far)https://t.co/3OYxDThv7I
— ZachXBT (@zachxbt) December 16, 2022
Nansen, an analytics company, confirmed the discovery.
Raydium, which lets users trade between multiple cryptocurrencies without the necessity of a middleman, is one of the leading platforms in Solana’s struggling DeFi ecosystem.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
