Solana-Based DeFi Project Drift Hit by $285 Million Exploit

Drift, a decentralized finance project built on the Solana blockchain, has been hit by a major exploit that drained nearly $300 million in digital assets from the protocol, according to cybersecurity and data analytics firms.

PeckShield Inc. was among the firms that flagged the incident on Wednesday, saying that about $285 million in crypto was stolen. Some of the stolen cryptocurrencies were converted into USDC, a dollar-pegged stablecoin issued by Circle Internet Group Inc., based on the blockchain data, the firms said.

Drift said through its official X account that the project is facing “an active attack,” and both ...