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Solana DEX Drift Protocol suffers $280M+ attack, governance token drops 25%

  • Drift Protocol is facing an attack that has drained more than $285 million from its platform.
  • The attacker is swapping and bridging funds to Ethereum.
  • Drift Protocol confirmed the attack, cautioning users that it isn’t an April Fool’s joke.

Solana-based decentralized exchange Drift Protocol (DRIFT) is experiencing an exploit on Wednesday that has seen attackers siphon over $285 million from the platform. That figure represents more than 50% of its total value locked (TVL), according to DefiLlama data.

Attacker swaps funds as Drift confirms the exploit

Onchain data shows the exploit has affected several assets on the platform, with the most impacted including JLP, USDC, cbBTC, USDS and USDT, among others. The attacker has rapidly swapped most of the stolen assets into stablecoins and bridged part of the funds to Ethereum, where some were used to buy ETH.

https://x.com/PeckShieldAlert/status/2039416872722964741

Drift Protocol confirmed the attack in an X post, suspending withdrawals and deposits while cautioning investors that it isn’t an April Fool’s joke, considering the timing of the exploit.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident,” the team wrote. “This is not an April Fools joke. We’ll provide additional updates from this account as more information is available to share.”

Users are advised to revoke wallet approvals and avoid further interactions with the protocol until more clarity emerges.

DRIFT/USDT 4-hour chart

The incident has triggered a sharp drop in the DRIFT governance token, erasing 25% of its value over the past 24 hours as of writing.

(This story will be updated as new information surfaces)

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

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