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Drift has also been hacked.
This is one of the top five DeFi protocols on Solana, with Jupiter being the most popular among seasoned DeFi users. It has a TVL of $550 million and is the core of on-chain perpetual contracts.
In just one hour, $285 million was wiped out.
Their core team members just left last month, and this month the keys were compromised. The admin private key was leaked, and after gaining access, the attacker changed the admin key, locking the team out. They left first, then got robbed—here’s the timeline.
Then came the textbook-style exit scam: they sold off SOL aggressively, swapped it for stablecoins via Jupiter and Raydium, then bridged through Wormhole to Ethereum, quickly buying nearly 40,000 ETH. Some SOL was directly transferred to smaller, low-KYC exchanges. The entire process took less than two hours—fast and ruthless.
I previously stored funds in Drift Vault. After the yield rate dropped, I withdrew everything.
In Q1 this year, Solana was hacked for over $230 million (including Step Finance’s $27 million in January). Last year, the entire industry was hacked for a record $3.4 billion. Now, the contract code is becoming safer, but all the issues stem from people—private key mismanagement, social engineering phishing, internal risk control problems. After all, code can be audited, but human nature cannot.