DeFi platform Drift suspends deposits and withdrawals after crypto hack

2026-04-03 10:40:48

The firm posted on X that it was investigating ‘unusual activity’ on the protocol, telling users that it was not an April Fool’s joke.

Security researchers estimate losses at up to $240 million, blaming governance security as the chief vulnerability after the attcker infiltrated a multisig upgrade a week ago.

One independent researcher observed: “This isn’t a technical vulnerability, It’s a governance catastrophe. Drift’s smart contracts themselves were fine. The problem was:
• Multisig handoff process failure
• Handing the hacker a “master key”
• All subsequent operations were “legitimate” calls”

In summary: “The essence of the Drift hack = Unified Liquidity Pool (risk concentration) × Multisig Vulnerability (privilege loss) × Excessive Admin Privileges (no checks)”

“At the cost of $240 million, it sounds the alarm for the entire DeFi industry.”

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