Raydium, a Solana-based exchange has announced on Twitter that it had been on the receiving end of an attack.
The attacker managed to fraudulently access Raydium exchange pools and exploit use funds. Different cryptocurrencies now sit in the attacker’s account, with a value close to USD 2 million. According to Raydium’s tweet, the attacker managed to overtake owner authority. As soon as the decentralized platform noticed the attack, it has halted the authority on farm progress and AMM. AMM stands for automated market makers.
The Solana-based exchange enables users to skip using an intermediary for trading between various cryptocurrencies. Raydium is a top platform in Solana’s DeFi (decentralized finance) ecosystem. The company states that it has approximately USD 45 million bound in trading pools, Raydium facilitating close to USD 4 million in trades during the last day, according to the company’s numbers. So far, it remains unclear if these funds were included in the attacker’s malicious withdrawals.
Solana’s decentralized finance ecosystem received a serious hit following the demise of the FTX crypto exchange since it was closely connected to that investment and trading empire. Raydium assured its users that the threat has now been neutralized and the system’s liquidity is safe. The exchange also reached out to the attacker to return all stolen funds in exchange for a ‘white-hat bug bounty’.