Solana (SOL) Price News: A Decentralized Finance (DeFi) protocol on Solana blockchain experienced an exploit that drained as many as $2 million in user assets. According to reports, owner authority was overtaken by attacker on the Raydium Protocol. Meanwhile, this led to a sharp fall in the Solana (SOL) token price. This comes in the wake of huge losses the cryptocurrency faced after the FTX liquidity crisis emerged.

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Exploiter Took Over Authority

The crypto community reported on Twitter that the attacker’s account received thousands of Solana tokens following the exploit. Raydium confirmed the attack saying,

“An exploit on Raydium is being investigated that affected liquidity pools. Details to follow as more is known. Initial understanding is owner authority was overtaken by attacker, but authority has been halted on AMM & farm programs for now.”

As of writing, SOL token price stands at $12.84, down 7.86% in the last 24 hours, according to price tracking platform CoinMarketCap.

The post Breaking: Solana (SOL) Price Drop Due To Exploit; Time To Buy? appeared first on CoinGape.

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Filed under: News - @ December 16, 2022 4:36 pm