- Raydium exchange portal hacked.
- The exchange owner’s own account has been the target.
- Losses mount to $2.2 Million so far.
Every then and there, occurs an incident, either a hack or an attack upon the crypto industry. The worst affected are always the exchanges, notably. In such terms, Raydium, the best functioning Decentralized Exchange (DEX) upon the Solana (SOL) blockchain was hacked on December 16th, 2022.
The hack took place directly upon the exchange owner’s very own account. Accordingly, so far the losses amount to a whopping $2.2 million. As a result, Raydium has halted their entire platform, and are carrying out extensive investigation.
Raydium and the Hack Behind
The Raydium is the best effortless DEX from the Solana blockchain. But apart from being any ordinary DEX, the Raydium also functions as an Automated Market Maker (AMM). Though being built with the Solana blockchain, Raydium operates using Solana’s Serum platform.
The situation is getting even more far worse for Raydium, as apart from this hack, the exchange indeed suffered serious losses due to the fall of the FTX exchange. This is due to the reason that the FTX was the main funder for Solana’s Serum platform.
With the fall of the FTX exchange, so stopped the fundings for Serum. Eventually, Serum has been shut down completely, and currently Raydium is operating upon the OpenBook, which indeed is a developed attribute directly from the Serum V3 program.
In response to the hack, the team from Raydium announced that the ‘authority over the AMM and farm programs has been all completely halted. The Raydium team has assured that this indeed will be a temporary initiation.
Investigations have revealed that $2.2 million has been transferred via bridge to Ethereum (ETH) blockchain. In addition to all this the price of the native coin of the platform, RAY has plunged down deliberately ever since the hack.
Currently, RAY is trading for the price of $0.164 with the graphs down by 10.34% over the past 24 hours alone.
