Solana-based DEX Raydium exploited for $2.2M, RAY token drops 10%

Solana-based decentralized exchange Raydium has been exploited for $2.2 million. 

The attacker overtook the owner’s authority on the platform, according to the firm’s initial understanding.

Over $2.2M has been withdrawn from Raydium liquidity pools, including $1.6M in SOL, according to the findings from the crypto analytics firm Nansen.

In response to the exploit, firms based in Solana, such as Compendium and Prism, are withdrawing their assets and advising their users to do the same.

Some users are accusing the protocol of not having a multisignature in the midst of the attack. 

Further, some users have also become skeptical about the entire Solana ecosystem following the attack. 

As a result of its extensive ties to the investment empire of Sam Bankman-Fried, the Solana DeFi ecosystem was hit particularly hard by the collapse of FTX.