Solana-based decentralized exchange Raydium suffered a $1.34 million exploit on Wednesday, impacting five deprecated liquidity pools from a legacy automated market maker program. The attacker stole nearly $900,000 in USDC, roughly $357,000 in SOL, and $86,000 worth of the platform’s native RAY token. According to a contributor, no current users were affected and the firm’s treasury will cover the losses. This incident follows a recent trend of major DeFi vulnerabilities, with some discovered using advanced AI tools.
A $1.34 million exploit targeted deprecated liquidity pools on the Solana decentralized exchange Raydium on Wednesday. The attack impacted five pools from an older version of its automated market maker program.
The exploiter, with a Solana address ending in “Bq33QVk,” bypassed validation logic to mint new liquidity provider tokens. In total, the attacker stole nearly $900,000 in USDC, approximately $357,000 in SOL, and $86,000 worth of the platform’s native RAY token.
Pseudonymous Raydium contributor 0xInfra stated on X that “No current users of Raydium are affected by this exploit.” The contributor confirmed the losses would be repaid using the firm’s treasury and highlighted this was not due to a key compromise.
The firm’s existing mainnet programs prevent this specific vulnerability. 0xInfra noted the incident was not a result of “a key compromise or authority-level issue.”
This exploit adds to a growing list of recent vulnerabilities discovered in crypto networks and DeFi protocols. In April, KelpDAO and Solana-based Drift Protocol each suffered exploits affecting just under $300 million.
Last week, the Zcash token fell over 40% after developers disclosed a security researcher used a frontier AI model to discover a four-year-old vulnerability. Analysts said in May that AI is transforming exploit discovery by automating skilled auditor tasks.
There is no evidence AI was used in the Raydium exploit. The incident occurred one day after private AI firm Anthropic released an upgraded version of its cybersecurity-focused model, Mythos.
Amid the incident, Raydium‘s native token is down around 2% in the last 24 hours. The token has fallen approximately 13% over the past week and is now 96.6% below its all-time high.
