#driftprotocol — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #driftprotocol, aggregated by home.social.
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another day, another $300 million #crypto hack (probably directly into #NorthKorea's nuclear weapons coffers). this time it's something called #KelpDAO.
There's a few interesting parts here:
1. KelpDAO operates through #Aave, the biggest / most important lender in "decentralized finance" (#defi) and the way the hack was pulled off managed to stick Aave with almost $300 million in bad debt (in the form of a bunch of fake #rsETH tokens, a "liquid staking token" for #ETH that i'm only going to explain if someone actually is interested and asks in the comments)
2. as a result there's a stampede to get money out of Aave. not quite a full run on the bank bc that's not really possible w/the way Aave works, but directionally similar
3. the founder of Aave mocked #DriftProtocol for being hacked for a similar amount two weeks ago as "not defi". this complicates the solution here, which is for Aave to step in and rewrite the decentralized protocol to socialize the losses onto users.
- explainer: https://x.com/ImperiumPaper/status/2045883103105737006
- bloomberg: https://www.bloomberg.com/news/articles/2026-04-19/crypto-hack-worth-290-million-triggers-defi-contagion-shock#threatintel #cybersecurity #DPRK #LazarusGroup #ethereum #StaniKlechov #DAO #infosec
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current estimate $285 million possibly headed straight into the #DPRK or #IRGC nuclear weapons program, including $71.5 million from the "regulated" #stablecoin #USDC that could have stopped at least that much of this heist at any moment in the last 4 hours and just... chose not to do so.
remember that the goal of the #GeniusAct etc. is to make companies like Circle USDC *your* bank.
#Circle #USDC #GeniusAct #crypto #bitcoin #driftProtocol #solana #SOL #infosec #crime #lazarusGroup #FutureOfFinance #stablecoins #infosec #Hack #cybersecurity #Tether #USDT
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current estimate $285 million possibly headed straight into the #DPRK or #IRGC nuclear weapons program, including $71.5 million from the "regulated" #stablecoin #USDC that could have stopped at least that much of this heist at any moment in the last 4 hours and just... chose not to do so.
remember that the goal of the #GeniusAct etc. is to make companies like Circle USDC *your* bank.
#Circle #USDC #GeniusAct #crypto #bitcoin #driftProtocol #solana #SOL #infosec #crime #lazarusGroup #FutureOfFinance #stablecoins #infosec #Hack #cybersecurity #Tether #USDT
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current estimate $285 million possibly headed straight into the #DPRK or #IRGC nuclear weapons program, including $71.5 million from the "regulated" #stablecoin #USDC that could have stopped at least that much of this heist at any moment in the last 4 hours and just... chose not to do so.
remember that the goal of the #GeniusAct etc. is to make companies like Circle USDC *your* bank.
#Circle #USDC #GeniusAct #crypto #bitcoin #driftProtocol #solana #SOL #infosec #crime #lazarusGroup #FutureOfFinance #stablecoins #infosec #Hack #cybersecurity #Tether #USDT
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current estimate $285 million possibly headed straight into the #DPRK or #IRGC nuclear weapons program, including $71.5 million from the "regulated" #stablecoin #USDC that could have stopped at least that much of this heist at any moment in the last 4 hours and just... chose not to do so.
remember that the goal of the #GeniusAct etc. is to make companies like Circle USDC *your* bank.
#Circle #USDC #GeniusAct #crypto #bitcoin #driftProtocol #solana #SOL #infosec #crime #lazarusGroup #FutureOfFinance #stablecoins #infosec #Hack #cybersecurity #Tether #USDT
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something called "Drift Protocol" just got exploited for $270 million
crypto proving itself to be the future of finance every day