Drift Protocol, a decentralized exchange (DEX), has warned users to pause deposits after detecting "unusual" trading activity on its platform on Wednesday, April 1, 2026. The team's initial announcement did not disclose the specific cause or potential damage, stating only that an investigation is underway.
However, blockchain cybersecurity threat researcher Vladimir S provided a more alarming assessment. He suggested the exploit was likely due to a private key leak, stating, "Admin signer was compromised, or whoever controls it intentionally executed these changes." Vladimir S estimated the total funds lost in the incident could be as high as $200 million.
The stolen assets reportedly include wrapped versions of Bitcoin (WBTC), Jito (JTO), the Fartcoin (FRT) memecoin, and various dollar, euro, and Japanese yen stablecoins. According to the researcher, these assets have already been transferred to multiple external wallets.
CoinTelegraph noted it reached out to Drift Protocol for comment but did not receive an immediate response by the time of publication. The situation is developing, with further details expected as the investigation progresses.
