Hacker Exploits Solana-Based Project Raydium for Over $4,300,000 As the Protocol’s Native Token Slumps

A hacker just exploited the Solana (SOL)-based automated market maker (AMM) Raydium (RAY) for more than $4.3 million in crypto.

Raydium first acknowledged the hack on Twitter on Friday morning.

“An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known. Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM and farm programs for now.”

Later in the day, Raydium said it was working with third-party auditors and teams across the smart contract platform Solana to figure out additional details about the hack. According to Raydium, they put a new patch in place to prevent further exploits from the bad actor.

Says the project,

“As an immediate solution, previous owner authority has been revoked and all program accounts have been updated to new hard wallet accounts. As such, the attacker no longer has access authority and is no longer able to exploit the pools.

If the attacker returns the funds, 10% of the total amount will be offered and considered as a white-hat bug bounty. The attacker is encouraged to reach out through normal channels or via the below address.

0x6d3078ED15461E989fbf44aE32AaF3D3Cfdc4a90″

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

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

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Featured Image: Shutterstock/Art Furnace/Akif CUBUK