Friday, June 14, 2024

Hackers exploit Raydium protocol, send $2.7 million

Blockchain security company CertiK issued a warning in which it revealed that an exploiter of the Raydium protocol had contributed 1,774.5 ether (ETH) to the mixer.

At the time of this writing, the sum had a value of around $2.7 million.

While security teams from several exchanges continue to battle the attempts of hackers, monies continue to flow to the sanctioned cryptocurrency mixer Tornado Cash. [Cryptocurrency] Back on December 16, 2022, an assault was launched against the decentralised finance (DeFi) system that was based on Solana.

The developers claim that the hackers gained control of the account belonging to the exchange owner and stole the liquidity provider cash, which consisted of a variety of digital assets such as USD Coin (USDC), Wrapped Solana (wSOL), and Raydium (RAY).

Following the first examination, the DeFi protocol came to the conclusion that the attack was the result of a weakness in the smart contracts that were used by the decentralised exchange.

Because of this, administrators were able to withdraw fees from liquidity pools.

Because of the losses, the Raydium team has also presented a strategy to recompense the victims of the attacks. The idea involves utilising the treasury of the decentralised autonomous organisation to acquire missing tokens, which would then be used to refund people who were harmed by the exploit.

Chainalysis, a company that specialises in blockchain research, noted out in a paper that was published on January 9 that despite the fact that the penalties imposed on Tornado Cash had some impact on the mixer, no entity can “draw the plug” as quickly as centralised services.

The fact that its smart contracts may continue to function eternally despite the fact that its website can be taken down emphasises the fact that anybody can continue to utilise it at any point.

Although hackers continue to aggressively shift cash, their efforts may not always result in a successful outcome for them.

Binance and Huobi, two centralised cryptocurrency exchanges, have recently been able to identify and seize assets that were placed by hackers working for Harmony One.

The CEO of Binance, Changpeng Zhao, said that the company’s security team, in collaboration with Huobi’s security team, was able to recover 121 Bitcoin (BTC), which had a value of $2.5 million at the time of the incident.

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