Raydium AMM
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anchored·3mZQtM…Nhm3Summary
Raydium is a leading Solana-based automated market maker (AMM) and decentralized exchange (DEX) launched in February 2021 by a pseudonymous team. On December 16, 2022, a compromise of the protocol's admin private key enabled an attacker to drain approximately $4.4 million from eight liquidity pools; the stolen funds were subsequently laundered through Tornado Cash in January 2023. The team implemented a phased compensation plan and post-incident security upgrades, including migration of admin authority to a Squads multisig, but the incident exposed significant centralization risks that were not apparent prior to the exploit.
Connected Entities
8 entities · 60 linked investigations- AgJddD…GJwD→mentioned with→Raydium AMM(50%)
- 5ndLnE…HEPs→mentioned with→Raydium AMM(50%)
- Ethereum→mentioned with→Coinbase(60%)
- ZachXBT→mentioned with→Ethereum(70%)
- Raydium AMM→mentioned with→Coinbase(65%)
- Raydium AMM→mentioned with→Solana(80%)
- Raydium AMM→mentioned with→FixedFloat(70%)
- Raydium AMM→mentioned with→Ethereum(65%)
- Raydium AMM→mentioned with→ZachXBT(60%)
- Coinbase→mentioned with→ZachXBT(70%)
- + 4 more
Connected Through
5 shared actors · 632 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- □Solanaorganization
- ♦Coinbasetoken
1 submission awaiting moderator review.
Timeline(9 events)
February 2021
Raydium AMM launched on Solana mainnet by pseudonymous founding team (AlphaRay, XRay, GammaRay).
BeinCrypto16 December 2022
Admin private key compromised, likely via trojan malware. Attacker drains ~$4.4M from eight AMM V4 liquidity pools using withdrawPNL and SetParams exploits. Patch deployed at 14:16 UTC same day.
Raydium Official Post-Mortem17 December 2022
Raydium removes exploited admin parameters from AMM V4 program and transfers remaining admin authority to Squads multisig.
Raydium Official Post-Mortem30 December 2022
DAO governance vote passes (5,598,814 approvals) authorizing compensation plan using DAO treasury and team-vested RAY tokens.
CertiK Exploit Analysis5 January 2023
Compensation claim portal opens for Phase 1 affected liquidity providers.
Raydium Compensation Plan19 January 2023
Raydium exploiter deposits 1,774.5 ETH (~$2.7M) into sanctioned mixer Tornado Cash across 42 transactions, effectively laundering the stolen funds.
CoinDesk14 May 2023
Final extension of compensation claim portal closes. Compensation process concluded.
Raydium Docs — Claim Portal10 January 2024
Whitehat @riproprip discloses critical tick manipulation vulnerability in Raydium CLMM via Immunefi. No funds lost. $505,000 RAY bounty awarded.
Immunefi Bugfix Review21 April 2026
Coinbase discontinues RAY perpetual futures contracts as part of a 25-product review; RAY spot trading unaffected.
CoinMarketCap Latest UpdatesDecision Log
- slot 445508820 · hash 8K3qU6aW1GW3Tox6eFWN2hh6in5xNyskCvbicKAjaAyc
- slot 426514638 · hash CHNyVEdU6SBrfFLnKaPmYfbj5QTAb4wUDunYvEHNBnfF
- slot 426514636 · hash AQYFBujkhH9GK5RszRUSWpAF2u2HZYahp7UtbXGBef9r
- slot 422756727 · hash 3xpeUvuZCGmucgZPfRcWVEaPi6m68QdiE5Cxki37CWWd
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 13 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:45 AM
last updated: 5/28/2026, 4:29:12 PM
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