Relevant: The Only Social Network Built On Trust

The latest entry on our leaderboard comes from a post-FTX wasteland, once a promising hive of VC-backed dev activity. On Friday, Raydium, a Solana-based AMM, lost a total of ~$4.4M in fees from its liquidity pools. The alarm was raised by the DEX aggregator PRISM, also on Solana: There seems to be a wallet is draining LP Pools from Raydium liquidity pools using admin wallet as a signer without having/burning LP tokens. We withdrew protocol provided PRISM/USDC liquidity from Raydium WITHDRAW YOUR PRISM/USDC LIQUIDITY FROM RAYDIUM The official announcement came 40 minutes later, stating that “authority has been halted on AMM & farm programs for now”. In a follow-up post, the team assured users that “a patch is in place preventing further exploits from the attacker.” While this incident doesn’t look to have caused a total protocol meltdown, losing millions is never a good look. But who’s still using Solana anyway?

0

Reply

Share

GMX

@GMX • 2 Years Ago

...

The latest entry on our leaderboard comes from a post-FTX wasteland, once a promising hive of VC-backed dev activity. On Friday, Raydium, a Solana-based AMM, lost a total of ~$4.4M in fees from its liquidity pools. The alarm was raised by the DEX aggregator PRISM, also on Solana: There seems to be a wallet is draining LP Pools from Raydium liquidity pools using admin wallet as a signer without having/burning LP tokens. We withdrew protocol provided PRISM/USDC liquidity from Raydium WITHDRAW YOUR PRISM/USDC LIQUIDITY FROM RAYDIUM The official announcement came 40 minutes later, stating that “authority has been halted on AMM & farm programs for now”. In a follow-up post, the team assured users that “a patch is in place preventing further exploits from the attacker.” While this incident doesn’t look to have caused a total protocol meltdown, losing millions is never a good look. But who’s still using Solana anyway?