Solana-Based Raydium Exchange Victim of 7-Figure Deception
Table of contents
Raydium Exchange Victim of Fraud Activities
As of the time of publication, an attacker who had been successful in fraudulently withdrawing user assets from Raydium exchange pools had roughly $2 million worth of various cryptocurrencies resting in their account.
In its tweet, Raydium mentioned automated market participants and stated that its first belief was that the owner's power had been seized over by the attacker but that for the time being, the authority had been suspended on AMM and farm programs.
Impact of FTX Demise
One of the most prestigious platforms in Solana's troubled decentralized finance (DeFi) ecosystem is Raydium, which enables users to trade between various cryptocurrencies without the necessity of a middleman. In accordance with its own statistics, Raydium has enabled deals worth $4 million over the last 24 hours and has almost $45 million trapped in trading pools. It's unclear if the erroneous withdrawals from the attacker are included in the $4 million total.
Due to its close links to the Sam Bankman-Fried trading and investment enterprise, the Solana DeFi ecosystem was particularly heavily struck by the FTX exchange's demise.