DRIFT token crashed 28% to $0.049 — a staggering 98% drop from its all-time high of $2.60. Users of Drift Protocol woke up to this grim figure on April 1. For token holders, this is no mere headline; it's real asset erosion.
Service paused, private key suspected
Drift Protocol immediately halted operations and advised users not to deposit any funds. The probe points to a private key leak rather than a smart contract flaw. Security firm PeckShield has flagged relevant addresses and is tracking fund movement. Bloomberg also reported the incident. If the private key compromise is confirmed, it would amplify scrutiny of infrastructure security across Solana's DeFi ecosystem — a test of trust that goes beyond a single protocol.
Cross-chain laundering path: JLP → USDC → bridge → ETH
On-chain data reveals the attacker's complete escape route: first buying 41.72 million JLP tokens (~$155.6 million), then dumping stablecoins like USDC, crossing the bridge from Solana to Ethereum, and finally converting everything into ETH. The operation was executed cleanly, leaving few intermediate traces. Monitoring firm 餘燼 confirmed that 129,066 ETH has been fully pocketed, worth about $278 million.
A costly trust check for Solana DeFi
This marks the second major security incident for Drift Protocol within days. The previous loss stood at $220 million; this time it's escalated to $285 million. The hack's timing around April Fools' Day adds a layer of absurdity — but for victims, the losses are painfully real. Solana's reputation for speed and low fees has drawn many DeFi protocols, but recurrent security breaches are eroding that trust. Whether Drift can fully disclose the root cause of the private key leak and deliver a compensation plan will be closely watched.