Due to a combination of multi-layered governance and security failures, the DRIFT protocol experienced an extreme liquidity crisis in the short term, with its price plunging sharply from the 0.08–0.09 range to a low of 0.032. Technically, the 'high volume short selling + gap-down long bearish candle' pattern indicated dominant selling pressure and nearly exhausted short-term market momentum. This security incident exposed major structural flaws in DeFi’s underlying governance. Rebuilding confidence will require transparent risk disclosures and recovery mechanisms. It is advised to avoid high volatility risk in the near term and pay close attention to subsequent governance restructuring and asset redemption guidelines. If the team’s measures prove effective and are validated by the market, value investors may seek opportunities in the 0.03–0.05 range, but potential recurring trust crises should be carefully monitored.

Since mid-March, DRIFT had been consolidating within the 0.08–0.09 range. However, on the afternoon of April 1, unexpected selling pressure surged, with daily trading volume spiking to over $50 million. The price dropped rapidly from 0.072 to 0.047, a decline of over 30%. The following day saw a new low of 0.032, and trading volume soared to $160 million. This short-term surge in trading and panic sentiment exerted further downward pressure, forming a typical 'gap-down long bearish candle' and 'high volume short selling' pattern, with near exhaustion of short-term market momentum from a technical perspective.

Drift Protocol has halted deposits and withdrawals following warnings of an active attack. Third-party estimates indicate that suspicious transfers have resulted in outflows approaching $270 million.

Drift Protocol halts activity as suspicious transfers point to possible $270 million exploit

Solana-based trading platform Drift Protocol is investigating unusual activity and a potential $270 million exploit, advising users not to deposit funds. The protocol's native token, DRIFT, dropped over 11% amid the news. Blockchain data shows a significant outflow of assets, including Jupiter Perps, USDC, Fartcoin, and Wrapped Ethereum. Drift Protocol allows leveraged trading without expiry and recently announced a prediction markets platform.

Solana-based Drift Protocol investigates possible $270M exploit

Drift Protocol, a decentralized derivatives exchange, reportedly suffered a $200 million hack. The attacker allegedly created a bridge between Solana and Ethereum to extract assets and mint $USDC, with about $4 million in $USDC potentially frozen on Ethereum. Additionally, $4 million in Fartcoin and $3 million in Syrup Coin were seized. The incident caused a sharp drop in Drift's price, with further details pending.

BREAKING: Drift Protocol Reportedly Hit by a $200 Million Hack – Major Development

Drift Protocol (DRIFT) suffered a hacker attack on April 2, resulting in the theft of over $220 million, marking the largest on-chain attack this year. The token price plunged up to 35% early morning, currently at $0.048 with a 24-hour drop of 30%. The protocol is fully paused, and multiple security firms have been contacted to track the hacker.

DRIFT plummeted 35% overnight, with over $220 million stolen, marking the largest on-chain attack so far this year.

The incident involved multiple layers of security failure: After the protocol had to suspend deposits and withdrawals, on-chain data showed that suspicious transactions totaled nearly $270 million. Multiple reports revealed that the multisig threshold was modified to 2/5 without full consent of all original signers, and key team members’ departures compounded the effects of multisig process changes. Attackers gained Security Committee privileges using pre-signed transactions and social engineering, and managed to siphon off assets in seconds. These events exposed management and risk-control weaknesses under the modular DeFi architecture, severely impacting long-term confidence.

Drift protocol experienced a suspicious theft incident following significant changes in its multi-signature setup and executive turnover. A new multi-signature account was created without the original signer adding themselves, changing the approval threshold to 2 out of 5 signers. Additionally, a core team member left last month, raising concerns about internal management, key handover, and risk control within the protocol.

The Drift theft incident is full of suspicious points, with reports of executive changes and significant multisig alterations before the event.

The DeFi lending protocol Drift was hacked within 10 seconds, resulting in a loss of over $200 million and impacting more than 15 projects. The modular structure of DeFi, once seen as its greatest advantage, has now amplified vulnerabilities like a domino effect.

DeFi lending protocol Drift was hacked for over $200 million within 10 seconds, affecting more than 15 projects.

According to ChainCatcher and analyst Aryan on X, the Drift protocol vault was attacked, with the attacker obtaining funds via NEAR Intents eight days prior but remaining inactive until receiving large assets from Drift. The attacker moved funds through multiple laundering addresses, all funded yesterday via Backpack, which likely performed KYC on these accounts. These laundering addresses then transferred funds to Ethereum via Wormhole, with the Ethereum address previously linked to Tornado Cash.

Analysis: The laundering path of stolen funds from Drift involves Backpack accounts, and KYC information may become a key clue.

Drift Protocol reported a sophisticated, weeks-long attack involving durable nonce pre-signed transactions that led to unauthorized access and takeover of its security committee. Investigations found no vulnerabilities in Drift's code or smart contracts, and no evidence of mnemonic theft. The attacker gained permissions through unauthorized or forged approvals, possibly via social engineering, resulting in approximately $280 million stolen. Remaining protocol functions are frozen and multisig updated to remove compromised wallets.

Drift Protocol: No evidence of mnemonic theft, attack highly complex, prepared over several weeks

With several security agencies involved, the project team completed multisig updates, froze suspicious assets, and devised a comprehensive loss distribution plan—calculations for which will be published soon to ensure transparent user rights. The team has halted all functions and is cooperating with bridges and exchanges to handle the incident, aiming to gradually restore core modules after rebuilding internal governance and enhancing multisignature mechanisms. While short-term sentiment may remain under pressure, effective risk mitigation measures—if validated by the market—could attract value-driven capital to DRIFT.

Drift Protocol announced on X that it has suspended deposit and withdrawal functions following a confirmed attack on the protocol. The team is working with security firms, bridging services, and exchanges to manage the incident's impact. Further updates will be provided on the official account.

Drift Protocol: Deposit and withdrawal functions have been suspended

Drift Protocol

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