DeFi

Raydium is attacked, loses $2M

2022-12-16
0 1 2 minutes read

Solana-based decentralized finance protocol Raydium has suffered an exploit, based on a press release from the developer. An preliminary investigation by the staff revealed that the attacker took over the trade’s proprietor account. The staff stated that “authority” over the automated market maker and farm applications has been paused “for now.”

Twitter person and researcher ZachXBT reported that the attacker has bridged $2 million to Ethereum “to date.”

Round 2 p.m. UTC on Dec. 16, a Raydium admin account posted almost 1,000 transactions to the Solana community.

Every transaction eliminated liquidity from Raydium with out depositing a corresponding LP token, successfully seizing possession of liquidity suppliers’ funds. Quite a lot of tokens had been taken within the exploit, together with US Greenback Coin (USDC), Wrapped SOL (wSOL), Raydium, and others.

Transactions from the admin pockets that was used within the assault. Supply: Solscan.io

The exploit seems to have first been found by the Prism dev staff. They posted a warning at 2:01 that an attacker was draining liquidity from Raydium with out depositing and burning LP tokens. Prism warned its customers to withdraw their Prism and USDC tokens from the trade instantly.

40 minutes later, the Raydium staff took to Twitter to verify that the trade had been hacked.

In line with crypto auditing agency Ottersec, the attacker has drained funds by invoking the withdraw_pnl perform on the contract, which is utilized by the developer to withdraw charges. The agency didn’t say whether or not this perform can be utilized to withdraw all liquidity or solely a small proportion from the swimming pools.

Nansen Portfolio, a crypto analytics agency, has confirmed that the attacker drained over $2.2 million from the trade.

On the time of writing, the Raydium staff remains to be investigating the exploit and has not but introduced whether or not compensation shall be supplied to victims of the assault.

Admin account hacks have been a recurring drawback within the crypto area not too long ago. On Dec. 2, Ankr protocol’s deployer key was stolen, and the attacker used it to take away $5 million price of BNB. Earlier within the yr, the Ronin community bridge was hacked by related means. On this case, the attacker ran off with over $600 million of crypto loot.

Ankr has since reimbursed victims, and Ronin developer Axie Infinity has pledged that it’ll do the identical.

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2022-12-16
0 1 2 minutes read

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