Solona-Based Exchange Raydium Hacked and Lost More Than $2 Million

Crypto winter gets tougher and there is no shortage of hacks, FUD, frauds, rug pull, and bad news. Solona-based decentralized exchange Raydium was attacked and hackers stole more than $2 Million worth of cryptocurrencies. It seems that the hacker managed to get the protocol owner’s private keys and drain liquidity.

Bad news comes up one after another. You feel Fear, Uncertainty, and Doubt (FUD) in the market. You think it will settle down and things will get back to normal. But Raydium, one of the biggest decentralized finance protocols on Solona has been exploited. They are investigating more about how this happened.

Raydium’s native token RAY crashes. RAY's price is around $0.156 at the time of writing this line. After the collapse of FTX, Solona was hit hard since it is highly tied to Sam Bankman-Fried who was arrested recently for his frauds and crime. We are in a bear market and it looks like the crypto market will get hit one by one.

Seeing what happens to centralized exchanges, people start using decentralized exchanges more. Exploiting vulnerability and hacking DeFi like this will not send a good signal. People trusted FTX and lost their crypto.

Most people in crypto have more or less exposure to the centralized crypto exchange Binance. There is FUD about Binance these days, and many people withdraw crypto from the exchange. Who knows which exchange is going to be the next FTX? It is better to be careful and stay on the safe side than sorry.

Hacking and exploiting decentralized protocol is not new. We saw exploiting the vulnerability and hacking decentralized protocols like Ronin, and Ankr, and stealing millions of crypto. People who lose their money on crypto once will think twice before investing in crypto again.

People will learn from experience and there will be more development and innovation in decentralized finance. It does not feel good seeing what's happening right now. But it will change.

So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

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