Tag: exploits

Drift Protocol Suffers $285 Million Exploit on April 1 in the Largest DeFi Hack in Solana History — Amplify Vault's Recursive Leverage Flaw Drained in Under One Hour, TVL Drops 50%, and $42 Million in ETH Is Already on Ethereum as Solana's Leading Perpetuals DEX Faces an Existential Recovery Test

On April 1, 2026 at approximately 4:00 PM UTC, Drift Protocol — Solana's leading perpetuals DEX with $550M TVL — was exploited for $285 million in the largest DeFi hack in Solana history and the largest crypto theft of 2026. Lookonchain first flagged the attack (wallet HkGz4K). PeckShield confirmed $285M stolen. Arkham Intelligence confirmed $250M+ transferred. Root cause: Amplify vault recursive leverage logic flaw. Entire extraction completed in ~1 hour. TVL dropped 50% instantly. Attacker bridged funds to Ethereum, held 19,913 ETH (~$42M) by 17:45 UTC. 282 BTC also taken. Jupiter DEX aggregator used to swap. Funds routed through ChainFlip. Test transaction identified one week prior. Protocol lacked CertiK audit. DeFi Dev Corp. (Nasdaq: DFDV) and Forward Industries confirmed no exposure.