The Raydium decentralized finance protocol on the Solana network has reported an attack. The hacker gained access to the administrative account of the protocol and withdrew various assets worth over $2 million.
On the night of December 16, the Raydium administrative account made about 1,000 transactions. The hacker was withdrawing liquidity from protocol pools without depositing the corresponding amount of LP tokens. Funds were withdrawn from a wide variety of liquidity pools, including pools with USDC, wSOL, Raydium and others.
The Prism development team was the first to report the hacker attack. They have warned their users to withdraw Prism and USDC tokens from the Raydium protocol. 40 minutes later, the developers of the affected protocol confirmed the hack.
According to Ottersec, the hacker used the withdraw_pnl function in the Raydium smart contract. The feature is intended for developers to withdraw fees from liquidity pools, therefore allowing withdrawals without having to deposit the appropriate collateral.
At the moment, Raydium developers continue to investigate the incident. It is not yet known whether funds will be refunded to affected users.
In early December, the Ankr project on the Binance Smart Chain network was hacked. The hacker received at least $5 million, although the head of the Binance exchange said that assets worth $15 million were stolen. The platform blocked stolen assets worth $3 million.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
