Raydium Protocol has been exploited, resulting in approx. 4M loss in its liquidity pools. Here is our assessment….
19 Dec 2022, 11:01
⚠️Raydium Protocol has been exploited, resulting in approx. $4.4M loss in its liquidity pools.
Here is our assessment…
⚙️Root cause: Owner account compromise
⚙️Reference: Official Post-mortem by Raydium team (https://raydium.medium.com/detailed-post-mortem-and-next-steps-d6d6dd461c3e)
The Advisory Board has completed the investigation of the incident and concluded:
⚠️This is a non-claimable event following our Smart Contract Vulnerability Cover T&C (https://files.insurace.io/public/en/cover/SmartContractCover_v4.2_Summary.pdf).
There was no exploit or malfunction of smart contracts.
- All claims submitted on loss in Raydium shall be automatically rejected following our claim process (https://docs.insurace.io/landing-page/documentation/cover-products/smart-contract-vulnerability#a.-group-claim-process)
- Users who have submitted claims on Raydium loss are eligible to cancel their claims by Dec 23, 2022, to get the full refund of the claim fee. 🛡