Solana-based DEX Raydium exploited for $2.2M, RAY token drops 10%

Hull Invest

Solana-based decentralized exchange Raydium has been exploited for $2.2 million.

T.According to the company’s initial understanding, the attackers hijacked the owner’s rights on the platform.

More than $2.2 million, including $1.6 million in SOL, has been withdrawn from Raidium’s liquidity pool, according to findings from crypto analysis firm Nansen.

In response to the exploit, Solana-based companies such as Compendium and Prism have withdrawn their assets and advised users to do the same.

Some users have accused the protocol of not having multi-signatures in the midst of attacks.

Additionally, some users became skeptical of the Solana ecosystem as a whole after the attack.

As a result of Sam Bankman-Fried’s extensive ties to his investment empire, the Solana DeFi ecosystem was hit particularly hard by the collapse of FTX.

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