Home / Technology / Solana DeFi Explodes: $285M Vanishes in Massive Exploit
Solana DeFi Explodes: $285M Vanishes in Massive Exploit
2 Apr
Summary
- A DeFi project on Solana, Drift, was exploited for $285 million.
- Stolen funds were converted to USDC, a dollar-pegged stablecoin.
- The hack likely exploited a new market for borrowing against illiquid CVT.
Drift, a decentralized finance project operating on the Solana blockchain, experienced a significant exploit on Wednesday, leading to the loss of nearly $300 million in digital assets. Cybersecurity analysts, including PeckShield Inc., reported that approximately $285 million was stolen. Blockchain data indicated that some of the illicitly obtained cryptocurrencies were converted into USDC, a stablecoin issued by Circle.
In response, Drift announced via its official X account that the protocol was under an "active attack," prompting the suspension of deposits and withdrawals. The project confirmed it was collaborating with multiple security firms, bridges, and exchanges to address and contain the incident. Researchers suggest the hacker exploited a recently introduced market on Drift that permitted borrowing against the illiquid CVT token, although the reason for this market's enablement remains unclear.
This incident could position the exploit among the most substantial hacks in the history of cryptocurrency, according to data compiled by rekt.news. Drift, founded in 2021, offers perpetual futures and other trading products on the Solana network and has received investment from firms like Multicoin Capital and Blockchain Capital.
