Raydium Liquidity Pool Hacked for $1.34 Million

Raydium, a decentralized exchange, has reported a significant breach involving its Legacy AMM V3 liquidity pool, leading to the theft of approximately $1.34 million in digital assets.

In an official statement, Raydium acknowledged the exploit that allowed unauthorized liquidity withdrawals from the outdated AMM V3 program, which had been discontinued in 2021. They emphasized that current users were not impacted by this incident.

The stolen assets include around 150,000 RAY tokens, 5,600 SOL, and nearly 900,000 USDC. The hack specifically targeted the Sollet USDT-RAY, Sollet ETH-RAY, RAY-SOL, USDC-RAY, and SRM-RAY liquidity pools.

Developers attributed the hack to inadequate checks on the issuance of liquidity tokens, which enabled the attacker to circumvent necessary ratio validations. They reassured users that all active liquidity pools remain secure and are currently undergoing additional security audits.

“The attacker exploited a flaw that allowed them to generate new tokens and use them as liquidity provider tokens, bypassing the designed ratio checks,” a Raydium representative explained.

The team has committed to compensating affected users from their treasury funds. Meanwhile, analysts from PeckShieldAlert have reported that the hacker has started to launder the stolen assets, moving them from the Solana network to Ethereum before routing them through crypto mixers.

This incident follows another major security breach that occurred on June 8, where wallets linked to the Humanity Protocol project were compromised, resulting in losses estimated at around $31 million.