Decentralized finance platform Drift has suspended deposits and withdrawals after confirming a major security breach that may have led to the loss of hundreds of millions of dollars in cryptocurrency.
In a post on X, the company said it was “experiencing an active attack” and is working quickly to contain the situation. As a precaution, all transactions on the platform have been paused while the investigation continues.
Early estimates suggest the scale of the hack could be significant. Blockchain security firm CertiK reported that around $136 million may have been stolen, while crypto analytics firm Arkham estimated losses could be as high as $285 million.
If these figures are confirmed, the incident would become the largest crypto theft of the year, according to the Rekt leaderboard, which tracks major cryptocurrency hacks.
Details about the attackers remain unclear, and Drift has not yet provided further official comments on the breach.
The incident highlights ongoing security challenges in the crypto space. Last year, security firms reported that North Korea-linked groups were responsible for the majority of crypto thefts, stealing at least $2 billion. These funds are believed to support the country’s nuclear weapons program and help bypass international sanctions.
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As the situation develops, users are advised to monitor official updates from Drift and remain cautious when interacting with crypto platforms.
