Raydium, an automated market maker (AMM) and liquidity provider built on the Solana network for the Serum decentralized exchange, has suffered an exploit, resulting in a loss of $2.2 million worth of tokens.
The wallet draining LP Pools from Raydium liquidity pools has received over $2.2M now, including $1.6M $SOL
Track here: https://t.co/IQedsOstPE pic.twitter.com/OAQJgaq5Mc
— Nansen Portfolio (@nansenportfolio) December 16, 2022
As per data from Nansen, an exploiter has drained from Raydium's liquidity pools solana (SOL), WUSDCV2, wETH and other tokens. Raydium's Twitter account has confirmed the attack, saying that initial understanding is that owner authority was "overtaken by attacker, but authority has been halted on AMM & farm programs."
In later November, a team behind the Serum exchange said that the project became defunct due to the collapse of Alameda and FTX, which were one of the largest backers of Solana's products.
The team noted that the crypto community is already working on a new fork dubbed OpenBook. Led by @m_schneider, the forked version of Serum is currently seeking more liquidity as the exchange already has over $1 million of daily volume.
