Raydium acknowledged the exploit and said it believed that an attacker took control over the exchange's admin address to carry out the exploit and that it's investigating the matter.
The attacker withdrew liquidity pool (LP) tokens into their control. On-chain sleuth ZachXBT found the perpetrator transferred more than $2 million to Ethereum, suggesting the amount of funds the attacker netted.
The finding was corroborated by analytics firm Nansen. "The wallet draining LP Pools from Raydium liquidity pools has received over $2.2M now, including $1.6M SOL," Nansen said.
Security firm Otter described the incident as a hack and said it was probably a compromised private key. Raydium still holds more than $40 million in crypto assets, according to data from DeFiLlama.
Prysm, a decentralized exchange aggregator on Solana, was the first to note the suspicious transactions.
