BREAKING: Developers Issue Statement on Major Altcoin Hack

Drift Protocol has released its first official statement regarding the alleged security breaches in the Solana ecosystem. The protocol team confirmed that they detected “unusual activity” on the platform.

The statement indicated that the incident is still under investigation and users were asked to temporarily refrain from investing funds in the platform. The message shared by Drift Protocol read, “We are observing unusual activity on the protocol. We are currently investigating. Please do not invest funds in the platform during this time. This is not an April Fool’s joke.”

This development follows previous warnings about a potential hack, voiced by Mert Mumtaz. Mumtaz had stated that Drift may have been targeted and that suspicious activity had been observed on the platform.

While market sources suggest the attack’s scale could exceed $270 million, no official figures have yet been released. Initial findings indicate the attacker may have established a bridge-like structure between Solana and Ethereum to facilitate asset transfers.

On the other hand, it is also being considered that some of the stolen funds may be recovered, as stablecoin issuer Circle has the authority to freeze USDC tokens minted on the Ethereum network.

*This is not investment advice.