{"id":67417,"date":"2026-04-02T09:48:09","date_gmt":"2026-04-02T02:48:09","guid":{"rendered":"https:\/\/hbbgroup.net\/drift-protocol-warns-users-to-pause-deposits-amid-unusual-trading-activity\/"},"modified":"2026-04-02T09:48:09","modified_gmt":"2026-04-02T02:48:09","slug":"drift-protocol-warns-users-to-pause-deposits-amid-unusual-trading-activity","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/drift-protocol-warns-users-to-pause-deposits-amid-unusual-trading-activity\/","title":{"rendered":"Drift Protocol warns users to pause deposits amid ‘unusual’ trading activity"},"content":{"rendered":"
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Drift Protocol, a decentralized cryptocurrency exchange (DEX), detected \u201cunusual\u201d trading activity on the platform on Wednesday, warning users not to deposit funds until the issue has been resolved.<\/p>\n

The Drift team did not disclose the specific cause of the ongoing incident or the damage in its initial announcement<\/a> and is currently investigating the issue.\u00a0<\/p>\n

In a subsequent update, the Drift team announced<\/a> that deposits and withdrawals on the platform have been suspended.\u00a0<\/p>\n

\"Cybercrime,
Source: <\/em>Drift Protocol<\/em><\/a><\/figcaption><\/figure>\n

Blockchain cybersecurity threat researcher Vladimir S said<\/a> the exploit was likely due to a crypto wallet private key leak, and the total funds lost in the incident could be as high as $200 million.\u00a0<\/p>\n

\u201cAdmin signer was compromised, or whoever controls it intentionally executed these changes,\u201d he said<\/a>.\u00a0<\/p>\n

The stolen assets include wrapped versions of Bitcoin (BTC<\/a>), Jito (JTO<\/a>), the Fartcoin (FRT<\/a>) memecoin, other altcoins, and various dollar, euro, and Japanese yen stablecoins, which have since been transferred to multiple wallets, according<\/a> to Vladimir S.<\/p>\n

\"Cybercrime,
Source: <\/em>Vladimir S<\/em><\/a><\/figcaption><\/figure>\n

The exploiter started converting the stolen assets to the USDC (USDC<\/a>) stablecoin, bridging the funds to the Ethereum network and purchasing Ether (ETH<\/a>), according<\/a> to Solana treasury company DeFi Development Corp.<\/p>\n

Cointelegraph reached out to Drift Protocol but did not receive an immediate response by the time of publication.\u00a0<\/p>\n

Cybersecurity exploits and hacks were responsible for $49 million in crypto losses<\/a> during February, a sharp decrease from January, but a reflection of the ongoing security threats<\/a> users and platforms face.<\/p>\n

Related: <\/strong><\/em>Resolv temporarily halts protocol to \u2018contain the impact\u2019 of 80M USR exploit<\/strong><\/em><\/a><\/p>\n

Drift token impacted by the exploit<\/h2>\n

The price of the Drift (DRIFT<\/a>) token briefly reached $0.68 on Wednesday, but fell by about 18% following news of the exploit, according to data<\/a> from CoinMarketCap.<\/p>\n

\"Cybercrime,
Drift token falls after news of the exploit. Source: <\/em>CoinMarketCap<\/em><\/a><\/figcaption><\/figure>\n

About 83% of the native crypto tokens of hacked platforms never recover to pre-hack prices<\/a>, according to blockchain security company Immunefi.\u00a0<\/p>\n

\u201cThe stolen funds are only the first layer of damage,\u201d Immunefi CEO Mitchell Amador told Cointelegraph in March.<\/p>\n

\u201cWhat follows is often more destructive: sustained token price suppression, reduced treasury capacity, leadership disruption, lost development time, and erosion of user trust,\u201d he added.\u00a0<\/p>\n

Magazine: <\/strong><\/em>WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express<\/strong><\/em><\/a><\/p>\n