Solana DeFi Protocol Raydium Hit By $1.3 Million Exploit

Raydium, a decentralized exchange on the Solana blockchain, has been hit by an exploit that drained legacy liquidity pools worth $1.3 million. The team behind Raydium has confirmed that its treasury will fully cover the losses, ensuring that current users remain unaffected.

The exploit targeted dormant pools tied to Raydium's early automated market maker (AMM) design. An attacker managed to withdraw liquidity undetected by exploiting a validation flaw in these retired pools. The stolen assets included approximately 150,177 RAY, 5,603 SOL, and 893,700 USD Coin (USDC).

Raydium's treasury has pledged to reimburse impacted assets in full. This move follows the protocol's previous experience with an admin key compromise in December 2022, which drained active pools but was ultimately compensated by buyback fees and vested team tokens.