
- An AMM on Solana’s network, Raydium Protocol, was compromised.
- Through the protocol’s liquidity pools, the hacker obtained owner authority and gained access to enormous sums of money.
On December 16, Radiyum Protocol, an order book Automated Market Maker (AMM) on the Solana [SOL] network, was compromised. According to reports, the hacker took money out of different Raydium liquidity pools without having any LP tokens of their own or burning them.
What method did the hacker use?
The team at Radium Protocol was able to determine how the attack was carried out with the assistance of numerous organisations. The hacker allegedly assumed owner authority, giving him access to these funds.
The attack started when a compromised private key and a Trojan attack were sent to the pool’s owner account. The hacker used the owner’s account to call a function that gathered protocol and trading fees after gaining access.
The hacker used an extensive list of pools as targets. The SOL-USDC, SOL-USDT, and RAY-USDC pools were a few of these. The hacker left behind a total of about $4.3 million in funds.
SOL, staked SOL, and USDC were among the stolen assets.
Solana’s Following Steps
The owner authority of the account was revoked by Raydium Protocol right away. The developers have retained 10% of the total amount taken as a bounty in an effort to encourage the attacker to return the money. The hackers would get the reward in their account if they returned the money.
Considering SOL
Solana had a difficult 2022 due to numerous outages, FTX exposure, and now hackers attacking its ecosystem’s protocols.
These events significantly impacted its TVL. DeFiLlama reports that over the last four months, Solana’s TVL has dropped from 1.37 billion to $259.74 million.
It would be very challenging for Solana to emerge from this crypto winter if things carried on in this manner.

Nevertheless, there were a few things for which Solana users could be thankful.
Data from SOLSCAN indicates that over the past week, the Solana network’s fees have increased. The TPS for Solana increased concurrently.

When Solana’s bad spell will end is still unknown. SOL, on the other hand, was currently trading at $12.31. In the following 24 hours up until press time, its price decreased by 11.95%, according to CoinMarketCap.
1 Comment
Pingback: Raydium Protocol is the latest victim in Solana's hacking narrative - Coin-News24.com