A hacker has just exploited Solana (SOL)-based automated market maker (AMM) Raydium (RAY) for over $4.3 million in crypto.
Raydium first recognized the hack on Twitter Friday morning.
“An exploit on Raydium is being investigated and has affected cash pools. Details to follow as we learn more. Initial understanding is that the authority of the owner has been exceeded by the attacker , but authority has been discontinued on MA and agricultural programs for now.
Later in the day, Raydium said he was working with third-party auditors and teams on the Solana smart contract platform to find additional details about the hack. According to Raydium, they have implemented a new patch to prevent further exploits from the bad actor.
Said the project,
“As an immediate solution, the authority of the previous owner has been revoked and all program accounts have been updated to new hard wallet accounts. Thus, the attacker no longer has access rights and does not is better able to exploit the pools.
If the attacker returns the funds, 10% of the total amount will be offered and considered as a white bug bounty. The attacker is encouraged to contact us through the normal channels or through the address below.
Raydium claims that the hacker was able to siphon off around $4.3 million worth of stablecoins and other crypto assets from five different pools.
The native Raydium 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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