Solana developer Mert Mumtaz reported that Drift Protocol may have been the victim of a hacking attack.
Mert Mumtaz stated in his announcement that there are strong indications that the decentralized derivatives exchange Drift Protocol may have been subjected to a hacking attack.
The hack is thought to have cost around $200 million.
The total value of the attack is estimated to be around $200 million. It is claimed that the attacker created a bridge between Solana and Ethereum, thereby extracting assets from the system and minting $USDC. So far, approximately $4 million worth of $USDC has been produced, and these funds may be frozen on the Ethereum network.
It was also reported that approximately $4 million worth of Fartcoin and $3 million worth of Syrup Coin were seized in the attack. How these assets were transported and the technical details of the attack are not yet clear.
Following news of the attack, the price of Drift experienced a sudden drop.
More details coming soon…
*This is not investment advice.