Scam Alert

Solana-Based DEX Raydium Exploited $2 Million By Hackers

Raydium, a decentralized exchange (DEX) based on the Solana blockchain, appears to have been the victim of a $2 million hack.

The DEX recognized the issue and stated that it believes an attacker used the exchange’s admin address to carry out the hack.

The fraudulent transactions were discovered by Prysm, a decentralized exchange aggregator on Solana.

At the time of publication, around $2 million in various cryptocurrencies were resting in the account of an attacker who had deliberately withdrawn user cash from Raydium liquidity pools.

ZachXBT, an on-chain investigator, discovered that the offender had moved the exploited fund to Ethereum.

Nansen, an analytics company, confirmed the discovery.

Raydium, which lets users trade between multiple cryptocurrencies without the necessity of a middleman, is one of the leading platforms in Solana’s struggling DeFi ecosystem.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.