Connect with us
Active Currencies 16048
Market Cap $3,756,082,108,536.90
Bitcoin Share 52.97%
24h Market Cap Change $4.96
Altcoin

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

2min Read
Posted:
Avatar
editors
Solana's hack story continues with Raydium Protocol as the new victim
Avatar
editors
Posted:

Share this article

  • Raydium Protocol, an AMM on Solana’s network, was hacked.
  • The hacker gained owner authority and accessed massive amounts of funds through the protocol’s liquidity pools.

Radiyum Protocol, an order book AMM (Automated market Maker) on the Solana [SOL] network, was hacked on 16 December. Reportedly, the hacker extracted funds from various Raydium liquidity pools without owning or burning any LP tokens.

Read Solana’s [SOL] Price Prediction 2023-24

How did the hacker go about it?

Through the help of multiple organizations, the team at Radium Protocol figured out how the attack took place. Allegedly, the hacker took owner authority, through which he could access these funds.

The attack stemmed from a Trojan attack that was sent to the pool’s owner account along with a compromised private key. After getting access to the owner’s account, the hacker called a function that collected trading and protocol fees.

There was a comprehensive list of pools that the hacker exploited. Some of these pools included SOL-USDC, SOL-USDT, and RAY-USDC. The overall amount of funds that the hacker left was around $4.3 million.

The stolen assets included SOL, staked SOL, and USDC, among others.

Next steps for Solana

Raydium Protocol’s immediate response was to revoke the account’s owner authority. To incentivize the attacker to return the funds, the developers have kept 10% of the stolen amount as a bounty. If the hackers were to return the funds, they would receive the reward in their account.

Looking at SOL

With multiple downtimes, FTX exposure, and now, hackers attacking protocols on its ecosystem, Solana could not catch a break in 2022.

Its TVL was massively affected due to these events. According to DeFiLlama, Solana’s TVL decreased from 1.37 billion to $259.74 million in the past four months.

 If things continued to move in this direction, it would be extremely difficult for Solana to recover from this crypto winter.

Source: DefiLlama

However, there were a few things that Solana users could be grateful for in these turbulent times.

According to data from SOLSCAN, the fees generated by the Solana network increased over the last seven days. Along with that, the TPS for Solana rose as well.

Source:SOLSCAN

It remains to be seen when Solana’s bad spell will end. SOL, however, was trading at $12.31 at the time of writing. Subsequently, its price fell by 11.95% in the last 24 hours until press time, according to CoinMarketCap.

 

Previous:
Next:

Share

Avatar
Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.