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Solana DeFi Exchange Raydium Hacked for Over $2 Million

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Solana Defi protocol Raydium announced that a hacker could gain access to the company's "owner authority" and then use this access to drain the liquidity pool of Raydium.

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Defi tools let users trade, borrow, or lend crypto assets between them, without the need for intermediaries from third parties.

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Automated market makers, like Raydium achieve this by allowing customers to contribute their assets to a pool to earn tokens.

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A hacker has stolen more than $2.2 million worth of assets digitally from an account on Raydium, which includes $1.6 million of SOL.

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The hacker has successfully carried out the attack using one of the protocol owners' private keys.

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It's not known how the hacker gained access to this information.

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Raydium can be described as one of Solana's most important financial protocols that are decentralized and is considered to be one of the foundations of Solana's Solana Defi network.

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The vulnerability to this kind of exploitation prompted many within the Raydium community to suggest removing the protocol completely.

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In the days following the hack, the native token RAY fell by just above 8% to $0.16.

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