January 28, 2023

A hacker has just exploited Solana (SOL) based automated market maker (AMM) Raydium (RAY) for over $4.3 million worth of crypto.

Raydium first recognized the hack on Twitter on Friday morning.

“An exploit on Raydium that impacted liquidity pools is being investigated. Details will follow as soon as more is known. The first insight is that the owner’s authority has been overtaken by the attacker, but the authority for AMM and farm programs has been suspended for now.

Later in the day, Raydium said it worked with third-party auditors and teams on the Solana smart contract platform to uncover additional details about the hack. According to Raydium, they have posted a new patch to prevent further exploits from the villain.

Say the project,

“As an immediate resolution, the previous owner’s authorization has been revoked and all program accounts have been updated to new hard wallet accounts. As a result, the attacker no longer has access rights and can no longer abuse the pools.

If the attacker returns the money, 10% of the total amount is offered and considered a white-hat bug bounty. The attacker is encouraged to contact via normal channels or via the address below.

0x6d3078ED15461E989fbf44aE32AaF3D3Cfdc4a90″

Raydium says the hacker was able to siphon about $4.3 million in stablecoins and other crypto assets from five different pools.

Raydium’s native token is trading at $0.151 at the time of writing. The 531st ranked crypto asset by market capitalization is down nearly 15% in the past 24 hours.

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Featured image: Shutterstock/Art Furnace/Akif CUBUK

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