Drift Protocol, one of the leading decentralized finance (DeFi) projects on Solana, suffered a massive hack yesterday, resulting in the theft of approximately $280 million in assets.
The method of the hack revealed a dangerous level of negligence on the part of the team, raising questions about the possibility of insider activity.
The problem was that the controlling wallet was multi-sig but required only two signatures out of five, with no timelock before large withdrawals could be executed—one of the most basic security measures in this field.
The hack lasted for two hours without any intervention, and the hacker even returned later to withdraw additional funds! Even more alarming is that the hacking method wasn't sophisticated; it exploited the same recurring vulnerabilities that have caused billions of dollars in losses, most recently in the Bybit incident.
Frankly, it's difficult today to justify the risks in DeFi compared to the potential returns, however tempting they may seem.
Join my chatroom for more updates ..