An attack on a Solana blockchain decentralized finance protocol Raydium resulted in the transfer of user assets worth millions of SOL tokens.
Solana (SOL) Price News: An attack in the Decentralized Finance (DeFi) protocol on the Solana blockchain resulted in the loss of up to $2 million in user assets. According to reports, an attacker on the Raydium Protocol took control of the owner’s authority.
The price of the Solana (SOL) token also dropped drastically as a result of this. This occurs after the coin continued to suffer significant losses following the emergence of the FTX liquidity crisis.
Exploiter gained Control
Twitter users in the cryptocurrency industry noted that the attacker’s account obtained hundreds of Solana tokens as a result of the exploit. The blockchain network has previously seen multiple instances of lengthy outages before the Solana attack.
The Solana network stopped producing blocks in June 2022, which triggered an outage that lasted for many hours. It was the ninth instance of this sort when the blockchain came to a halt. Raydium acknowledged the alleged assault.
An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known
⁰Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now
— Raydium (@RaydiumProtocol) December 16, 2022
As of this writing, the price of the SOL coin is $12.84, a decrease of 7.86% over the previous 24 hours, according to the market monitoring site CoinMarketCap. The exploiter transferred a number of tokens, including $USDC, $SOL, $ZBC, and $UXP.
Social Activity For SOL Token Is Declining
Technical indicators have before been used in publications indicating that the SOL token was likely to breach the $15 threshold. On Wednesday, the token hit a weekly high of $14.85 before began to decline.
The recent statistics suggest that the Solana community’s online activity has been on a downward trend for the last 6 months.