What makes this $280 million Drift hack so devastating is that it's not a smart contract exploit. We've seen flash loans breach similar platforms before. In this case a dev was phished for an admin key. Inconceivable that no risk factors are disclosed anywhere. Heads should roll.
To be clear I have never used this platform. But if I lost money in this I'd be certainly lawyering up right now. The level of negligence and lack of risk disclosures (there's literally none) is actually insane. For sure this platform is completely liable for all of these losses.
Drift is essentially a centralized exchange but it fronts as decentralized. And the worst part about it is it doesn't have the security protections that a centralized exchange has. It literally stores the keys to the vault and the $500 million dollars in it unencrypted somewhere.
From Twitter
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share
Relevant content





