Solana-based decentralized derivatives exchange Drift Protocol has reportedly been hacked for an estimated $200 million, according to an announcement from Solana developer Mert Mumtaz. Mumtaz stated there are strong indications the protocol was subjected to a major attack.
The attacker is believed to have created a bridge between the Solana and Ethereum blockchains to extract assets from the system and mint USDC. Approximately $4 million worth of USDC has been produced so far, and these funds may be frozen on the Ethereum network. The attack also reportedly involved the seizure of around $4 million worth of Fartcoin and $3 million worth of Syrup Coin.
The technical details of how these assets were transported remain unclear, and a full investigation is ongoing. Following the news of the attack, the price of the DRIFT token experienced a sudden and sharp drop. More details are expected as the situation develops.
