Solana-based Drift Protocol confirms it’s under attack after $285m leaves DeFi platform

Trading platform Drift Protocol said Wednesday that it was experiencing an “active attack” and advised users not to deposit funds into the protocol following news that $285 million had disappeared.

The Solana-based perpetual futures exchange’s native token, DRIFT, dropped sharply on the news. CoinGecko data shows it was trading hands for a little over $0.05 after dropping 11% over a 24-hour period.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended,” Solana-based app’s team wrote via its official X account. “Proceed with caution until further notice.”

It added that it was coordinating with multiple security firms, bridges and exchanges to contain the incident.

DL News reached out to Drift Protocol with questions but did not immediately receive a response.

Blockchain sleuths first posted on X Wednesday afternoon New York time that money was fast leaving the protocol. Blockchain data firm Arkham Intelligence, which tracks the DeFi platform’s vault, shows that its balance plunged on Wednesday.

Top names in the Solana ecosystem, including Mert Mumtaz, CEO of Solana developer platform Helius, were also quick to warn traders of the potential exploit.

Over $285 million in crypto — mostly in the form USDC — left the protocol, according to blockchain sleuths.

Tens of millions of dollars worth of Jupiter Perps, Fartcoin, and Wrapped Ethereum were also moved.

Drift Protocol is a non-custodial trading platform allowing users to use leverage without an expiry date.

Drift Labs, the firm behind the trading platform, in 2024 announced it was debuting a prediction markets platform to rival Polymarket.

Update, April 1: This story has been updated to include Drift Protocol's latest comments.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.