key takeaways
- Raydium’s liquidity pools were mined today for millions of dollars.
- While the exact amount mined is still uncertain, the exploiter currently has more than $1.4 million in his Solana wallet.
- They also laundered $2.5 million worth of ETH through Tornado Cash.
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Solana’s leading decentralized exchange Raydium saw some of its liquidity pools depleted today after an attacker gained special authority over the protocol’s smart contracts.
committed raydio
Solana’s decentralized exchange, Raydium, just suffered an exploit.
According to Solana’s swap aggregator, Prism, which first noticed In the hack, earlier today an entity started draining liquidity funds into Raydium using a manager wallet. The security company OtterSec later hypothetical that the attacker somehow gained access to the private keys that grant access to Raydium’s smart contracts.
It is not yet clear how much of Raydium’s liquidity pools were drained. However, at the time of writing the attacker still had more $1.4 million in his Solana wallet, mostly in SOL and stSOL tokens. The exploiter also built a bridge over a significant portion of the funds to Ethereum, and sent over 2,090 ETH (approximately $2.5 million in value) via the Tornado Cash privacy protocol.
The Raydium development team Announced on Twitter that he believed that “the authority of the owner was surpassed by [the] attacker,” confirming the Prism and OtterSec analyses. This authority has since been revoked; however, Raydium has yet to publish a proper autopsy or officially declare the attack over.
Despite suffering from the exploit, Raydium still boasts of multiple liquidity funds with millions of dollars in liquidity, including its RAY-USDC, SOL-USDC, RAY-SOL, RAY-USDT and USDT-USDC funds. DeFiLlama data indicates that the protocol still has more than $34.7 million in assets. Therefore, it is unlikely that the hack was fatal to the project.
Raydium’s native token RAY is currently down more than 10% on the day.
This story is developing and will continue to be updated.
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.