Solana-Based Raydium Exchange Victim of 7-figure Exploit
Solana-based decentralized exchange platform Raydium confirmed in a tweet on Friday that it had been the victim of an exploit.
An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known— Raydium (@RaydiumProtocol) December 16, 2022
⁰Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now
At press time, around $2 million worth of different cryptocurrencies was sitting in the account of an attacker that managed to maliciously withdraw user funds from Raydium exchange pools.
“Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now,” Raydium wrote in its tweet.
Raydium, which allows users to trade between different cryptocurrencies without the use of an intermediary, is one of the premier platforms in Solana’s beleaguered decentralized finance (DeFi) ecosystem. According to its own numbers, Raydium has around $45 million locked in trading pools and facilitated around $4 million in trades in the past 24 hours. It is unclear whether that $4 million includes the improper withdrawals from the attacker.
The Solana DeFi ecosystem was hit especially hard by the collapse of FTX due to its heavy ties to the Sam Bankman-Fried trading and investment empire.
This is a developing story.
UPDATE (Dec. 16, 3:28 UTC): Headline updated to reflect the current value of stolen funds.
CORRECTION (Dec. 16, 3:35 UTC): Headline was corrected to reflect the value of stolen funds.