Yesterday Drift, a perpetual exchange protocol on Solana, was exploited for over $250M. The method of the attack was not a smart contract exploit but rather a social engineering/phishing like the big Bybit one. A short tl;dr is below.

This really sucks to see. Seems like admin key compromise -> fake collateral asset listing -> inflate collateral weighting on multi-collat engine (similar to mango hack) -> override withdraw limits -> drain all spot pools.

Hope they manage to recover some of the funds. Godspeed https://t.co/cSYeSYQ5dV

— Tristan (@Tristan0x)
April 2, 2026

A more detailed breakdown can be here, but essentially this was a theft of admin privileged to create a fake token and borrow the entirety of Drift’s assets against it.

1/ Drift’s admin key was compromised.

$213M+ drained from @solana‘s largest DEX in under 10 seconds.

Unfortunately, we’ve