A hacker just exploited Solana (SOL)-based automated market maker (AMM) Raydium (RAY) for more than $4.3 million in crypto.
Raydium first recognized hacked on Twitter on Friday morning.
“An exploit on Raydium is being investigated that affected the liquidity pools. Details will follow as more is known. Initial understanding is that owner authority was bypassed by the attacker, but authority has been stopped on AMM and farm programs for now.
Later in the day, Raydium so it worked with third-party auditors and teams across the Solana smart contract platform to uncover 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“As an immediate solution, previous ownership authority has been revoked and all program accounts have been updated to new hard wallet accounts.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 bounty. The attacker is encouraged to reach out via normal channels or via the address below.
Raydium says the hacker was able to retrieve 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 the time of writing. The 531st-ranked crypto asset by market capitalization is down nearly 15% in the past 24 hours.
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