North Korea Suspected in Massive Drift Protocol Hack

A massive hack of the Drift Protocol decentralized exchange has left the cryptocurrency community reeling, with losses totaling $285 million in just 12 minutes. The attack is suspected to be the work of a North Korean state-affiliated threat group that built relationships with protocol insiders over six months.

The attackers posed as a quantitative trading firm and attended industry events to cultivate trust with Drift contributors. They used this access to socially engineer multisig signers into pre-approving hidden transactions, which were then used to drain vaults across 31 withdrawals in just 12 minutes.

In related news, Charles Schwab announced plans to launch spot trading for Bitcoin and Ethereum on its platform, which manages $12.2 trillion in client assets. The move is seen as a major development in the cryptocurrency industry, with the firm's clients soon able to buy and sell Bitcoin and Ethereum directly through their existing accounts.