After the collapse of the FTX market a month ago, the most recent hack is yet another assault on the Solana ecosystem.
The decentralized exchange Raydium, which is situated in Solana, has been abused to the tune of $2.2 million.
Based on the original knowledge of the company, the culprit of the assault was able to take the owner’s power on the platform.
According to the results of the cryptocurrency analytics company Nansen, more than $2.2 million worth of Raydium has been removed from liquidity pools, including $1.6 million worth of SOL.
Companies situated in Solana, such as Compendium and Prism, are withdrawing their assets and recommending their users do the same in reaction to the vulnerability.
In the middle of the assault, there are certain users who are asserting that the protocol does not possess a multi-signature.
As a further consequence of the assault, a number of users have developed a healthy amount of scepticism towards the Solana ecosystem as a whole.
Because of its extensive connections to Sam Bankman-financial Fried’s empire, the Solana DeFi ecosystem took a significant amount of damage when FTX went bankrupt. This was especially true given the ecosystem’s exposure to FTX.
Also Read: Japan Is Planning To Reduce The 30% Tax On Crypto Revenues
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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