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The attack on Drift, a crypto exchange offering perpetual futures on the Solana blockchain, was still underway late Thursday (April 2).
Late Thursday, a banner on Drift’s website said the platform was “being paused until further notice due to irregular activity in the protocol.”
On Wednesday (April 1), Drift said it was experiencing an active attack and had suspended deposits and withdrawals.
In a post on X, Drift said it was “coordinating with multiple security firms, bridges and exchanges to contain the incident,” adding: “This is not an April Fools joke.”
Drift also said that a malicious actor gained unauthorized access to the Drift Protocol and took over administrative powers held by Drift’s Security Council.
Drift described the operation as “highly sophisticated,” saying it appeared to involve “multi-week preparation and staged execution,” including the use of “durable nonce accounts to pre-sign transactions that delayed execution.”
In a separate post, Drift said the attack involved the “compromise of multiple multisig signers’ approvals,” which it said was likely achieved through “targeted social engineering or transaction misrepresentation.”
The Financial Times reported Thursday that Drift is the largest perpetual futures exchange on Solana. The outlet described perpetual futures as derivative contracts with no expiration that traders use to speculate on asset prices.
According to the Financial Times, the hackers stole $280 million from Drift, which it said was about half of the total U.S. dollar value deposited with the exchange.
Bloomberg reported Wednesday that blockchain data analysts estimated the amount of cryptocurrencies involved could make the incident one of the biggest hacks in crypto history.
Bloomberg said the hacker likely exploited a new market on Drift that allows users to borrow other cryptocurrencies against an illiquid token called CVT. The report cited Xuxian Jiang, a researcher at blockchain security company PeckShield.
Blockchain analytics firm Chainalysis reported in December that crypto thefts totaled $3.4 billion during the first roughly eight months of 2025, from January through early September.
Chainalysis said nearly half of that total came from the February 2025 compromise of the Bybit crypto exchange.
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