Solana-Based Altcoin Hacked

wither based DeFi from projects radium was attacked in the past few hours. The Raydium team announced that malicious people took advantage of the platform vulnerability and took over the account of the exchange owner. The developers announced on Twitter that they have frozen transactions in the automatic market maker (liquid pool) and farm areas for now, after detecting the cyber theft on the decentralized crypto trading platform Raydium.

An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known

⁰Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now
Attacker accnthttps://t.co/ZnEgL1KSwz

— Raydium (@RaydiumProtocol) December 16, 2022

“We have detected an unusual activity in Raydium that exploits liquidity pools. We’ll let you know when we get more data. According to the first image, the attacker took over the administrator account and exploited the liquidity pool and crypto farming domains. We have stopped these services for now.”

named ZachXBT cryptocurrency The phenomenon found that the attacker embezzled $2 million worth of cryptocurrencies from Raydium. The developers shared the hacker’s wallet address on Twitter.

Latest Situation in Raydium

Native token of the Raydium platform RAIL, seven sales after the news of the attack. While there are 5% losses on average in the crypto market today, the daily decline in RAY is around 10%.

Following the bankruptcy of the FTX exchange, RAY, which lost 75% of its value from $ 0.60 to $ 0.16, could not show a permanent recovery after the heat of the event passed. With the news of the attack on the platform, the cryptocurrency fell below the $0.1677 level, where it found support in November.

RAY, which most Turkish crypto influencers recommend to investors, had risen to $ 17.50 in the last months of 2021.