Drift said the $280 million exploit was tied to a six-month social engineering operation.
The protocol said the suspected attackers first approached contributors in fall 2025 while posing as a quant trading firm.
Drift is now painting a clearer picture of how its $280 million exploit took shape, and it was not a quick smash-and-grab.
According to the protocol’s latest update, the breach was linked to a long-running social engineering campaign that allegedly began around fall 2025. Drift said the individuals behind the operation presented themselves as a quant trading firm and first approached contributors at a major crypto conference, where they expressed interest in building on or integrating with the protocol.
A slow-burn setup through conferences and Telegram
That first contact did not end with a handshake. Drift said a Telegram group was created soon after the meeting, giving the supposed counterparties a direct line to contributors. From there, the relationship appears to ha
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