Solana-based decentralized exchange Raydium has been mined for $2.2 million.
youThe attacker seized the owner’s authority on the platform, according to the firm’s initial understanding.
An exploit in Raydium that affected liquidity pools is being investigated. Details to follow as more is known
⁰Initial understanding is that the owner’s authority was overridden by the attacker, but authority has stopped at the AMM and agricultural programs for now
Attacker account https://t.co/ZnEgL1KSwz
— Raydium (@RaydiumProtocol) December 16, 2022
More than $2.2 million has been withdrawn from Raydium’s liquidity pools, including $1.6 million in SOL, according to findings by cryptanalysis firm Nansen.
The wallet that drains LP funds from Raydium’s liquidity pools has received over $2.2 million now, including $1.6 million. $ SUN
Follow up here: https://t.co/IQedsOstPE pic.twitter.com/OAQJgaq5Mc
— Nansen Portfolio (@nansenportfolio) December 16, 2022
In response to the exploit, Solana-based companies such as Compendium and Prism are removing their assets and advising their users to do the same.
It appears that the attacker gained access to the keys used to collect fees from the LP pools and the authority has since been halted.
— Compendium (@CompendiumFi) December 16, 2022
It seems there is a wallet that is draining LP funds from Raydium liquidity pools using the admin wallet as a signer without having/burning LP tokens.
We withdraw the protocol provided PRISM/USDC liquidity from Raydium
WITHDRAWING YOUR PRISM/USDC LIQUIDITY FROM RAYDIUM
— PRISM (@prism_ag) December 16, 2022
Some users are accusing the protocol of not having a multi-signature in the middle of the attack.
so there was no multisig?
Sorry for the losses.
But it seems that you asked for it and you were waiting for this to happen.
— poor and bored sun (@DeChDAO) December 16, 2022
Furthermore, some users have also become skeptical of the entire Solana ecosystem following the attack.
just when we think #Solarium It can’t get worse, find a way to surprise us!
— Helin ULKER (@beautyofhelin) December 16, 2022
As a result of its extensive ties to Sam Bankman-Fried’s investment empire, Solana’s DeFi ecosystem was hit particularly hard by the FTX crash.
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This post Solana-based Raydium DEX mined for $2.2 million, RAY token drops 10%
was published first on https://cryptoslate.com/solana-based-dex-raydium-exploited-for-2-2-million/