Bitcoin oscillates near $68K with extreme fear index at 12. Over 116K traders liquidated in 24h totaling $289M. Drift Protocol suffers $270M hack, the largest DeFi exploit of 2026, dragging SOL down 2.4%. SEC approves multi-crypto ETF options, while whale Bitmine buys $100M worth of ETH.
Gibbs Mura law firm launches class action against Circle over the Drift Protocol hack, alleging the stablecoin issuer failed to freeze $230M in stolen USDC transferred via CCTP for over six hours, applying a double standard.
The crypto market posted a mild rebound on April 4, with total capitalization at $2.38 trillion and edgeX leading gainers. Still, extreme fear persisted as Chainlink unlocked 19 million LINK, Leap Wallet announced a shutdown, and Russia advanced new wallet reporting rules.
Drift Protocol lost about $285 million after attackers used a compromised admin key to drain vaults in 31 transactions. Solana Foundation officials said the incident stemmed from social engineering and operational security failures, not a smart contract bug.
Drift Protocol is rolling out a recovery token system after its $285.4 million exploit, with 1 token representing $1 in verified losses and Tether backing the effort with $127.5 million.
On April 1, 2026, Drift Protocol lost ~$285M in an exploit. TVL dropped from $550M to under $300M; DRIFT token fell 40%. Attacker used admin key, oracle manipulation, and weak governance to drain funds in 12 minutes.
Drift Protocol rebranded to Velocity on July 1, 2026, aiming to move past a $285M exploit. A private beta is rolling out, while compensation for affected users remains unresolved. DRIFT token rose 4.18%.
Elliptic said multiple on-chain indicators in the $286 million Drift Protocol exploit point to North Korean hackers, citing structured fund movement, cross-chain laundering patterns, and Solana tracing challenges.
