News Business: Solana-Based Raydium Exchange Victim of 7-Figure Exploit Currently, about $2 million of different cryptocurrencies are sitting in the attacker’s account. #News - #Business #Crypto #NFT #DeFi

Solana-based decentralized exchange platform Raydium confirmed in a tweet on Friday that it had been the victim of an exploit. At press time, around $2 million worth of different cryptocurrencies was sitting in the account of an attacker that managed to maliciously withdraw user funds from Raydium exchange pools. “Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now,” Raydium wrote in its tweet, referring to automated market makers. Raydium, which allows users to trade between different cryptocurrencies without the use of an intermediary, is one of the premier platforms in Solana’s beleaguered decentralized finance (DeFi) ecosystem. According to its own numbers, Raydium has around $45 million locked in trading pools and facilitated around $4 million in trades in the past 24 hours. It is unclear whether that $4 million includes the improper withdrawals from the attacker. The Solana DeFi ecosystem was hit especially hard by the collapse of the FTX exchange due to its heavy ties to the Sam Bankman-Fried trading and investment empire. By Sam Kessler, Dec 16, 2022, https://www.coindesk.com/business/2022/12/16/solana-based-raydium-exchange-victim-of-9-figure-exploit/

vya4slav's Recent Blog Posts

Brazil has not designated Bitcoin as legal tender, but it did the next best thing: it passed a law legalizing cryptocurrencies as means of payment throughout the country, giving a regulatory boost to…
1 year ago
Reuters: FRANKFURT, Nov 29 (Reuters) - The European Central Bank warned on Tuesday that it might make a loss as high inflation forces it to raise interest rates and foot the bill of a decade…
1 year ago
Phantom, the popular self-custody wallet for Solana-based decentralized applications and NFTs, announced today that it would be adding support for rival blockchains Ethereum and Polygon to its…
1 year ago
Game7, a Web3 gaming-focused decentralized autonomous organization (DAO), launched a $100 million grant program on Monday to help accelerate blockchain-enabled games by smoothing some of the…
1 year ago
A few days ago, a new version of the most widely used Bitcoin implementation, Bitcoin Core, was released. Version 24.0 includes the configuration “mempoolfullrbf”, which has already been the subject…
1 year ago