Solana-based trading platform Drift Protocol is investigating “unusual activity” after blockchain analysts reported over $270 million leaving the protocol on Wednesday. The team advised users not to deposit funds and warned the situation was not an April Fools’ joke. The platform’s native token, DRIFT, fell 11% following the news as key figures in the Solana ecosystem cautioned users.
The perpetual futures exchange Drift Protocol stated it was investigating “unusual activity” on its platform. It advised users not to deposit funds while the investigation is ongoing.
“This is not an April Fools joke,” the team wrote via its official X account. “Proceed with caution until further notice.” Blockchain analysts first flagged the large-scale movement of funds on Wednesday.
Data shows the protocol’s vault balance plunged as over $270 million in crypto assets reportedly left. The outflow consisted largely of Jupiter Perps, along with tens of millions in USDC, Fartcoin, and Wrapped Ethereum.
PeckShield Inc. alerted the protocol to the activity in a public post. Top Solana ecosystem figures, including Helius CEO Mert Mumtaz, quickly warned traders to monitor their positions.
Mumtaz stated on X that it seemed Drift might be getting exploited. The platform’s native DRIFT token traded near $0.05 after a sharp 11% drop.
Drift Protocol is a non-custodial platform for leveraged trading without an expiry date. Its parent company, Drift Labs, had previously announced plans for a prediction markets platform.
