Solana DeFi Exchange Raydium Hacked for Over $2 Million
After struggling to recover from debilitating damage wrought on the network by the stunning downfall of one of its most prominent backers, disgraced FTX founder Sam Bankman-Fried, Solana has now suffered a significant hack to one of its largest DeFi .Early Friday, Solana DeFi protocol Raydium announced that a hacker had managed to overtake the organization’s “owner authority,” and used that access to begin draining Raydium’s liquidity pools. DeFi tools allow users to trade, borrow, and lend crypto assets among each other, without third-party intermediaries. And automated market makers like Raydium accomplish this by allowing users to contribute assets to a pool, often in exchange for token rewards.
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