Hassan Maishera
TL;DR
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Drift Protocol suffered an attack that has drained more than $285 million from its platform.
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The native token is down 30% in the last 24 hours and now trades below $0.050.
Drift Protocol Loses $285M to Hackers
Drift Protocol, a decentralized exchange built on the Solana blockchain, is the target of a significant exploit on Wednesday, with attackers draining over $285 million from the platform. This sum accounts for more than 50% of the platform's total value locked (TVL), according to data from DefiLlama.
The initial estimated loss of today's @DriftProtocol loss is $285m.
— PeckShieldAlert (@PeckShieldAlert) April 1, 2026
Here is the detailed breakdown: https://t.co/z3DjfN0NP1 pic.twitter.com/P84p2UVJZi
Onchain data reveals that the attack has impacted several assets on Drift, with notable losses in JLP, USDC, cbBTC, USDS, and USDT. The attacker has swiftly converted most of the stolen funds into stablecoins and bridged a portion of the assets to Ethereum, where some were used to purchase ETH.
In a public post on X (formerly Twitter), Drift confirmed the exploit and announced the suspension of both deposits and withdrawals. The team reassured users that the attack was not a prank, especially given the timing coinciding with April 1st.
“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are collaborating with several security firms, exchanges, and bridges to manage the incident,” the protocol’s official statement read. “This is not an April Fools joke. More updates will be provided as additional information becomes available.”
Users are urged to revoke wallet approvals and refrain from interacting with the platform until further clarity is provided.
The exploit has caused a sharp decline in the value of the DRIFT governance token, which has lost 30% of its value in just 24 hours. At press time, DRIFT is trading at $0.049 per coin.
