Solana-Based Drift Protocol Experiences Major Crypto Heist

Drift Protocol, a Solana-based perpetual futures exchange, has announced an 'active attack' that has resulted in the loss of over $285 million. This development led to a sharp decline in the price of its native token, DRIFT.

The protocol has suspended deposits and withdrawals as it works with multiple security firms, bridges, and exchanges to contain the incident. The team behind Drift Protocol is urging users to proceed with caution until further notice.

According to blockchain sleuths, the majority of the lost funds were in USDC, a stablecoin. Other cryptocurrencies such as Jupiter Perps, Fartcoin, and Wrapped Ethereum were also affected.