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Unknown individuals extracted over $270 million from the Drift cryptocurrency protocol., 2026/04/01 21:47:03
Analysts from the Lookonchain platform have noted that over $270 million was withdrawn from the Drift protocol, which operates on the Solana blockchain, by unidentified individuals. The entire amount was transferred to a wallet that begins with HkGz4K.
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Blockchain researchers discovered that the unknown parties converted assets from the crypto protocol into USDC stablecoins and subsequently into the Ethereum blockchain to purchase Ether. Analysts suggested that a hack may have occurred. Just minutes after the suspected incident began, the unknown entities acquired 19,913 ETH for $42.6 million.
Additionally, the same unidentified individuals transferred Solana tokens to the Binance cryptocurrency exchange and sold them to buy Ether. Similar transactions were also recorded on the HyperLiquid platform, according to Lookonchain specialists.
The Drift protocol team has not officially confirmed a hacking incident but acknowledged that they are observing “unusual activity.” The developers advised clients against depositing funds on the platform and announced the initiation of an investigation.
Drift Protocol is a decentralized exchange designed for trading spot assets and perpetual futures. The platform was launched in 2021. Following the initial reports of a potential hack, the platform’s token, DRIFT, dropped by more than 18% to $0.054.
In February, the Step Finance project, part of the Solana ecosystem, announced the liquidation of its subsidiaries SolanaFloor and Remora Markets after a hacking incident that resulted in losses exceeding $27 million and unsuccessful attempts to secure funding. Just days prior, the decentralized protocol Structured, which promised clients returns through tokenized versions of Bitcoin and other derivative instruments, also reported the cessation of its operational activities. In the same month, the crypto lending platform ZeroLend announced its shutdown due to liquidity issues and increasing cyber threats.
