Drift protocol (DRIFT)

$285M gone from @DriftProtocol in 12 minutes. I don't keep much on DeFi protocols for this reason - protocol risk is real and most people don't price it properly. Which is a shame, because the yield gap is genuinely interesting. DeFi strategies offering 5-10% on stablecoins while the average savings account sits around 3%. That delta exists and most people can't access it because everything around it feels too risky or too complicated. The product that bridges this still feels half-built. A crypto neobank where you deposit, earn yield, and funds are protected up to a certain amount - everything else abstracted away. Curious what the best attempt looks like so far.

Wu reports that according to Onchain Lens monitoring, since the recent hacker attack, a wallet address associated with the Drift Protocol team has deposited 56.25 million DRIFT into Bybit and Gate exchanges, worth about $2.44 million. https://t.co/kYweBc7VWi

Wu said he learned, according to Ember monitoring, that after the $285 million theft at Drift Protocol, FTX/Alameda sold 6.94 million DRIFT (about $320,000) via Wintermute a few hours ago. Alameda was an investor in the protocol; the 8.33 million tokens it unlocked a year ago were once valued at $6.22 million, but have now shrunk dramatically to $380,000. DRIFT is the governance token of a Solana‑ecosystem derivatives DEX. https://t.co/ylhCTJ37PN

Wu said he learned, according to Ash monitoring, that after the $285 million theft in the Drift Protocol, FTX/Alameda sold 6.94 million DRIFT (about $320,000) through Wintermute a few hours ago. Alameda was an investor in the protocol; the 8.33 million tokens it unlocked a year ago were once worth $6.22 million, now severely diluted to $380,000. DRIFT is the governance token of the Solana ecosystem derivatives DEX. https://t.co/ylhCTJ37PN

are we back?? https://t.co/kage8inHBZ

The $DRIFT exploit is a grim reminder that no TVL is ever 100% safe. Seeing over $270M leave the treasuries in under an hour is pure madness. The $DRIFT token is already nuking and liquidity is drying up fast. This looks like a classic admin key compromise rather than a code bug. Are we seeing a rotation out of $SOL ecosystem coins because of this?

Imagine having your project and getting hacked for over $100M on April 1st. You try to inform your community about the situation and the actions to take. They read it and think it's an April Fool's joke 😹. That's what happened to the Drift protocol on Solana.

I went through Drift’s incident thread, and this is the clearest play by play of what happened to @DriftProtocol ↓ March 23 The setup appears to have started here. Drift says 4 durable nonce accounts were created. That suggests parts of the attack were prepared in advance. Drift’s implication → At least 2 of 5 signer approvals were already tied to the setup March 27 Drift says the Security Council multisig was updated because one council member was replaced. It did not explain why. But the change did not fully remove the attacker’s path. March 30 A new durable nonce account was created for someone in the updated multisig. That suggests the attacker still had effective access to 2 of the 5 required signers. April 1 Drift spotted unusual activity. Users were told not to deposit. Deposits and withdrawals were suspended shortly after. Later that day, Drift says there was a legitimate-looking test withdrawal from the insurance fund. About a minute later, 2 pre-signed durable nonce transactions were ex

More crazy to watch $DRIFT price to TVL over the past year. Signs were there. https://t.co/DIA7HrMSti https://t.co/aeMQfN1Hza