The Drift Protocol attacker is buying large amounts of Ethereum after siphoning $285 million from its vaults. Over the past day, they've purchased 130,262 ETH worth about $265 million. Drift’s TVL dropped from over $550 million to $247 million post-exploit.
On April 1, 2026, the attacker gained unauthorized access to Drift’s Security Council through durable nonces, executing a series of transactions to drain the protocol's funds. Initial losses were estimated at $270 million. The attack affected Drift and 11 other downstream protocols.
Drift Co-founder Cindy Leow founded the platform in 2021 aiming to provide an integrated suite of financial services on Solana.