Key Insights:
Crypto hack drains over $220M as private key breach hits Drift Protocol operations.
The attacker moved funds via the USDC bridge to Ethereum while response delays raised scrutiny.
DRIFT price drops 42% as volume surges and market cap falls during sell-off.
A major crypto hack has struck Drift Protocol, with losses estimated at more than $220 million and some assessments reaching $285 million. The incident led to immediate operational disruptions and market reactions.
The Solana-based decentralized perpetual futures exchange confirmed it was under active attack, prompting a suspension of deposits and withdrawals.
At the same time, on-chain investigators have linked the breach to compromised administrative private keys. They did not find evidence of a smart contract failure. Their conclusion is based on observed transaction patterns and statements from security firms.
Crypto Hack Exposes Private Key Vulnerability at Drift Protocol
Drift Protocol stated that i
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