Drift Protocol, a decentralized exchange on Solana, is under active exploit due to a compromised admin signer private key. This privileged key control allowed attackers to bypass smart contract protections and directly drain between $130 million and $285 million in wrapped Bitcoin, stablecoins, and altcoins.
The platform suspended deposits and withdrawals to contain the incident. Stolen funds are being converted to USDC and bridged to Ethereum, complicating recovery efforts. This attack shows that key management failures, not smart contract bugs, can cause massive DeFi losses, challenging the assumption that audits alone secure these platforms.
De-fi platform Drift suspends deposits and withdrawals after millions in crypto stolen in hack | TechCrunch
Blockchain trackers put the cryptocurrency heist in the hundreds of millions of dollars and is already on track to be the largest crypto theft in 2026 so far.
Crypto platform Drift suspends services after millions stolen in security incident
Security experts believe hundreds of millions of dollars worth of cryptocurrency were stolen from decentralized finance platform Drift on Wednesday after the site confirmed it was experiencing a cyberattack.