The central theses
- Raydium liquidity pools have been exploited for millions of dollars today.
- While the exact amount is still uncertain, the exploiter currently has over $1.4 million in his Solana wallet.
- They also laundered $2.5 million in ETH through Tornado Cash.
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Raydium, Solana’s leading decentralized exchange, saw some of its liquidity pools lose their funds today after an attacker gained special authority over the protocol’s smart contracts.
Raydium compromised
Solana decentralized exchange Raydium just suffered an exploit.
According to Solana swap aggregator Prism, the first noticed After the hack, a company started draining liquidity pools on Raydium using an admin wallet today. Security company OtterSec later assumed that the attacker somehow gained access to private keys that gave him access to Raydium smart contracts.
It’s still unclear how much was withdrawn from the Raydium liquidity pools. However, at the time of writing the attackers still had over $1.4 million in their Solana wallet, mostly in SOL and stSOL tokens. The exploiter has also bridged a significant part the funds to Ethereum and sent more than 2,090 ETH (worth around $2.5 million) via privacy protocol Tornado Cash.
The Raydium development team announced on Twitter that it believed that “owning authority has been overtaken [the] Attackers,” confirms Prism and OtterSec’s analysis. This power has since been revoked; However, Raydium has yet to release a proper autopsy or officially declare the attack over.
Despite the exploit, Raydium still suffers boasts from multiple liquidity pools with multi-million dollar liquidity including pools RAY-USDC, SOL-USDC, RAY-SOL, RAY-USDT and USDT-USDC. Data from DeFiLlama shows that the protocol still holds over $34.7 million in assets. It is therefore unlikely that the hack was fatal to the project.
Raydium’s native token RAY is currently down over 10% on the intraday.
This story is evolving and will continue to be updated.
Disclaimer: At the time of writing this article, the author of this article owned BTC, ETH and several other crypto assets.
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