Raydium Suffers $1.34 Million Exploit in Deprecated AMM V3

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

SOL+3.502%

RAY+2.595%

DEFI+29.49%

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Exploit Incident: Raydium's AMM V3 program suffered a $1.34 million exploit, where the attacker exploited vulnerabilities in dormant liquidity pools inactive since 2021, highlighting the challenges DeFi faces in managing old smart contracts.
Funds Lost: The incident involved five inactive liquidity pools, resulting in losses of approximately 150,177 RAY, 5,603 SOL, and 893,700 USDC; however, Raydium's commitment to full treasury-backed compensation has limited the impact on users.
Rapid Response Measures: Raydium quickly issued a detailed statement clarifying that the attack was confined to legacy code and did not affect any active users or mainnet programs, demonstrating transparency and accountability in crisis management.
Industry Warning: This incident serves as a reminder for the DeFi sector that deprecated contracts can still be targets for attackers, prompting more projects to enhance audits and management of legacy code to maintain user trust and security.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	43.417	51.773	58.997	67.353	74.577	82.933	90.157
Fibonacci	51.773	57.725	61.402	67.353	73.305	76.982	82.933

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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