Drift Protocol hit by $280M hack, DRIFT crashes over 40%

The cryptocurrency market is back in the red following a positive start to the week.

Bitcoin, the leading cryptocurrency by market cap, is trading around $66,500, down 2% in the last 24 hours.

However, DRIFT, the native coin of Drift Protocol, one of the leading decentralized exchanges (DEXs) on Solana, is one of the worst performers in the market.

The coin has lost 41% of its value in the last 24 hours after the protocol suffered an exploit that drained over $280 million from its ecosystem.

DRIFT dips 41% following Drift Protocol’s attack

DRIFT is having one of its worst days as the token has lost 41% of its value in the last 24 hours. 

The Solana-based decentralized exchange Drift Protocol (DRIFT) experienced an exploit on Wednesday, with the attackers siphoning over $285 million from the platform. 

The figure represents more than 50% of its total value locked (TVL), according to DefiLlama data.

After the attack, Drift Protocol’s TVL now stands at $247 million, a significant decline from the $1.5 billion recorded in September 2025. 

Onchain data reveals that the attack affected several assets on the platform, with the most impacted including JLP, USDC, cbBTC, USDS, and USDT, among others.

The hacker rapidly swapped most of the stolen assets into stablecoins and bridged part of the funds to Ethereum, where some were used to buy ETH.

The Drift Protocol team confirmed the attack in an X post on Wednesday, informing its users that it is suspending withdrawals and deposits.

It also cautioned investors that it isn’t an April Fool’s joke, considering the timing of the exploit.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fool's joke. We’ll provide additional updates from this account as more information is available to share,” the team added. 

Analysts advised users to revoke wallet approvals and avoid further interactions with the protocol until more clarity emerges.

DRIFT slips below $0.040, eyes further downside pressure

The DRIFT/USD 4-hour chart is extremely bearish as the token is down 41% in the last 24 hours. 

The hack triggered a sharp drop in the DRIFT governance token, with further losses expected in the near term.

The price fell sharply from $0.073 on Wednesday and currently stands at $0.040.

The Relative Strength Index (RSI) of 17 shows that DRIFT is currently in the oversold region.

The Moving Average Convergence Divergence (MACD) lines are also within the negative territory, reinforcing the short-term bias.

DRIFT’s current price of $0.040 is its all-time low. If the selloff continues, DRIFT could drop to the $0.030 level, setting a new all-time low in the process.

However, if the bulls step in, DRIFT could experience a pullback towards the $0.053 resistance level. An extended rally would allow the token to regain footing above $0.060 in the near term.