Drift Protocol, a decentralized exchange, has appeared to have suffered a major exploit resulting in losses of an estimate of $270 million. The incident started coming to light on Wednesday after multiple blockchain analysts shared screenshots of suspicious activities on the protocol.
Following the massive inflow of posts suggesting a hack, Drift Protocol took to X to confirm that unusual activities have indeed been observed on the platform. The platform also highlighted that the ongoing events are not part of an April Fool’s Day prank.
“Please do not deposit funds into the protocol. Proceed with caution until further notice. We’ll provide additional updates from this account,” the platform that goes by the handle @driftprotocol posted.
Comments being posted under Drift’s update suggest that the platform has halted withdrawals for the time being.
Blockchain analytics platform LookOnChain said the stolen assets worth $270 million have been transferred to a suspicious wallet. The on-chain intelligence firm also shared screenshots of the transactions acquired from Arkham Inteligence on X.
Mert Mumtaz, the co-founder and CEO of the Solana-based developer platform Helius, was among the first ones to sound an alert about this breach on X. He had asked the Drift Protocol community to monitor their positions.
More details on the incident remains awaited as of now.
Meanwhile, data shared by PeckShield on Wednesday claimed that crypto hacks rose by 96 percent compared to February this year. A total of 20 major attacks resulted in the loss of $26.5 million.
On March 23, DeFi platform Resolv Protocol was hacked for $25 million with the attackers managing to access a compromosed private key.