Don’t miss the Raydium exchange portal. The account that owns the exchange is the target. Losses are $2.2 million so far.
Every now and then, an event happens, either a hack or an attack on the crypto industry. The biggest impact is always product changes, especially. In these cases, Raydium, the best exchange (DEX) on the Solana (SOL) blockchain was decommissioned on December 16, 2022. The hack happened directly to the exchange owner’s account. As a result, the current loss is $2.2 million. As a result, Raydium has shut down its entire platform and is conducting a thorough investigation.
Raydium and Background Hack
Raydium is the best DEX without effort on the Solana blockchain. But apart from being a regular DEX, Raydium also works as an Automated Market Maker (AMM). Despite being built using the Solana blockchain, Raydium operates using Solana’s Serum platform.
The situation is even worse for Raydium, because apart from this hack, the exchange has suffered huge losses due to the failure of the FTX exchange. This is due to the fact that FTX is the funder of Solana’s Serum platform. In the failure of FTX change, therefore stopped the money for Serum. Eventually, Serum was completely discontinued, and now Raydium runs on OpenBook, which is actually a feature developed directly from the Serum V3 program.
In response to the hack, the Raydium team announced that “authorization for
MA and farming programs has been completely destroyed.” The Raydium team is convinced that it will indeed be a temporary start. An investigation revealed that $2.2 million was transferred from the bridge to the Ethereum (ETH) blockchain. On top of all this, the price of the platform’s coin, RAY, has been deliberately lowered since the hack. Currently, RAY is trading at a price of $0.164 and charted down 10.34% in the last 24 hours alone.