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.