Solana-Based DeFi Protocol Drift Protocol Hit by Massive $280 Million Hack

A recent security breach on the Solana-based DeFi protocol Drift Protocol has left the cryptocurrency community stunned, with hackers making off with over $280 million. The attack is considered the largest cyberattack in the sector so far this year.

The breach occurred when hackers exploited administrative controls to gain access to funds. They then converted a large portion of the stolen assets into the stablecoin USD Coin (USDC) before transferring them to the Ethereum network.

Drift Protocol's development team has since suspended all transactions, including deposits and withdrawals, in an effort to contain the damage.