Solana's Drift Protocol Hit by Massive Web3 Attack

A large-scale Web3 attack has been reported on Solana's Drift Protocol, a leading decentralized exchange (DEX). According to on-chain data, the exploit resulted in estimated losses of over $200M, making it one of the most significant Web3 events in recent history.

The attack was detected by Solana influencer Mert Mumtaz, who alerted Circle and others to the potential threat. Within an hour, Drift Protocol had lost nearly 50% of its liquidity, with losses spanning multiple tokens.

The exploit was characterized by a series of suspicious transactions originating from a single Drift Protocol account. The attacker had full control over assets and transferred them to various wallets, including ChainFlip, Ethereum, and others. Some funds were also sent to Raydium, Orca, Meteora, and other intermediary wallets.