Biggest DeFi Hack of 2026? – Crypto News Bitcoin News

DRIFT Token Crashes After Protocol Reports Major Onchain Exploit

The funds moved to wallet address HkGz4KmoZ7Zmk7HN6ndJ31UJ1qZ2qgwQxgVqQwovpZES, which blockchain explorers have flagged as potentially attacker-controlled. The wallet holds additional assets, including wrapped bitcoin and other tokens.

Community monitors like Lookonchain and Peckshield first detected the suspicious outflows around 1:30 Eastern time. “We are observing unusual activity on the protocol. We are currently investigating. Please do not deposit funds into the protocol while we investigate. This is not an April Fools joke. Proceed with caution until further notice. We’ll provide additional updates from this account,” the Drift team wrote on X.

The DRIFT token fell sharply after the reports surfaced, dropping from approximately $0.072 to $0.055 according to market data. The token had already declined roughly 98% from its all-time high before this incident.

No exploit vector has been confirmed. Analysts have not ruled out a smart contract bug, compromised private keys, or oracle manipulation. The investigation remains open, and the exact cause is unknown.

Onchain data shows the suspicious wallet conducted swaps through the Jupiter aggregator on Solana following the transfers. Reports indicate Circle, the issuer of USDC, has been alerted, suggesting stablecoins may be part of the stolen assets.

Drift Protocol is a Solana-based decentralized perpetual futures exchange. It uses a virtual automated market maker and supports multi-asset collateral with yield on deposits. The protocol had historically maintained a high total value locked and positioned itself as a decentralized alternative to centralized futures platforms.

Users with open positions or collateral on Drift are advised to check and revoke any wallet approvals tied to the protocol. Phantom wallet users can review connected apps directly in the wallet interface. Analysts recommend avoiding new interactions with the protocol until Drift publishes an official update.

Blockchain monitoring tools, including Solscan, SolanaFM, and Arkham Intel, are tracking the destination wallet for outflows, including potential bridge activity, swaps, or deposits to centralized exchanges.

The situation is developing. Users should monitor official Drift channels for any emergency announcements, protocol pauses, or recovery details as they become available.

FAQ 🔎

• What happened to Drift Protocol? Onchain analysts reported approximately 980,000 SOL drained from Drift Protocol accounts on April 1, 2026, in a suspected exploit worth an estimated $200 million or more.
• Is my money safe on Drift Protocol right now? Users are advised to revoke wallet approvals tied to Drift and avoid interacting with the protocol.
• What is the suspicious wallet address linked to the Drift hack? The funds were traced to Solana wallet HkGz4KmoZ7Zmk7HN6ndJ31UJ1qZ2qgwQxgVqQwovpZES, which blockchain explorers flagged as potentially attacker-controlled.
• How did DRIFT token react to the exploit news? The DRIFT token dropped sharply following the reports, falling from approximately $0.072 to $0.055 amid the uncertainty.