Solana Hosted Raydium Protocol Loses $4.3mln in Hacking
A hacker recently stole over $4.3 million in cryptocurrency from the Solana (SOL)-powered automated market maker (AMM) Raydium (RAY). Friday morning was when Raydium initially disclosed the breach on Twitter.
“A vulnerability on Raydium that affects liquidity pools is being researched. As additional information becomes available, we’ll provide updates. Initial reports indicate that the authority of the owner has been seized by the attacker, although for the time being, AMM and the agricultural program have no authority.
Raydium stated later in the day that it was collaborating with third-party assessors and groups throughout the Solana smart contract network to determine further specifics about the incident. As per Raydium, a fresh fix has been implemented to avoid further vulnerabilities by a malicious users.
As an urgent remedy, prior owner power has been withdrawn and all program accounts have been converted to fresh hard wallet accounts, according to the initiative. As a result, the hacker no more has access permissions and can no longer manipulate the databases.
If the hacker returns the cash, 10% of the full sum will be awarded as a bug reward for white-hat exploits. The hacker is asked to connect out via standard means or the address listed below.
The hacker was able to steal around $4.3 million worth of stablecoins as well as other cryptocurrency assets from five separate pools, according to Raydium. At the time of writing, the price of a Raydium token was $0.151. The market capitalization of the 531st-ranked cryptocurrency by market cap has decreased by about 15% during the previous 24 hours.
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.