Solana’s hack story continues with Raydium Protocol as the new victim

  • The Raydium protocol, an AMM on the Solana network, has been compromised.
  • The hacker took ownership and gained access to massive amounts of funds through the protocol’s liquidity pools.

Radiyum Protocol, AMM (Automated Market Maker) order book on Solana [SOL] Network, hacked on December 16th. The hacker reportedly extracted funds from various Raydium liquidity pools without owning or burning any LP tokens.


Read Solanas [SOL] predict the price 2023-24


How did the hacker do that?

With the help of several organizations, the team at Radium Protocol found out how the attack happened. allegedlyThe hacker took the powers of the owner, through which he can access these funds.

The attack originated from a Trojan that was sent to the pool owner’s account along with a compromised private key. After accessing the owner’s account, the hacker called a function that collects trading fees and protocols.

There was an extensive list of pools that the hacker exploited. Some of these pools included SOL-USDC, SOL-USDT, and RAY-USDC. The total amount of money the hacker had left was there $4.3 million.

The stolen assets included SOL, SOL and USDC, Among other things.

Solana’s next step

Raydium’s immediate response was to revoke account ownership. To encourage the attacker to return the money, the developers kept 10% of the stolen amount as a bonus. If the hackers return the money, they will get the reward in their account.

Watch SOL

With multiple outages, exposure to FTX, and now hackers attacking the protocols on its ecosystem, Solana just couldn’t stop in 2022.

TVL was greatly affected by these events. According to DeFiLlama, Solana’s TVL has fallen from $1.37 billion to $259.74 million over the past four months.

If things continue in this direction, it will be very difficult for Solana to recover from this crypto winter.

Source: Defillama

However, there were a few things Solana users can be thankful for in these uncertain times.

According to information from the sun , Solana’s network fees have increased over the past seven days. Besides, TPS for Solana steps too.

Source: SOLSCAN

It remains to be seen when Solana’s bad spell will end. On the other hand , It was trading at $12.31 at the time of writing. After that, the price is down 11.95% in the last 24 hours to press time, according to CoinMarketCap.

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