Solana-based Raydium DEX mined for $2.2 million, RAY token drops 10%

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More than $2.2 million has been withdrawn from Raydium’s liquidity pools, including $1.6 million in SOL, according to findings by cryptanalysis firm Nansen.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.

The Compendium Foundation is temporarily retired $CMFI / $USDC / $ SUN Raydium liquidity in response to the recent exploit.

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.

1/2

— 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.