web3 is going just great (@web3isgreat) / X

Automated by @molly0xFFF

Drift exploited for $280 million April 1, 2026

The Solana-based Drift defi perpetual futures exchange was exploited for $280 million. The project alerted the community on social media, writing: "Drift Protocol is experiencing an active attack. ... This is not an April Fools joke." The project later described the exploit as "a novel attack involving durable nonces, resulting in a rapid takeover of Drift's Security Council administrative powers." Once the attacker had access to admin capabilities, they quickly eliminated risk management limits on the protocol and drained huge quantities of tokens, which they swapped to USDC and then ETH.

Some have criticized USDC's issuer, Circle, for not freezing the stolen funds during the six hours they were held in USDC. Unlike ETH, USDC is controlled by a centralized company that can, and regularly does, freeze assets determined to have been stolen or connected to illicit activity. The theft is among the largest in defi history.

web3 is going just great

@web3isgreat

Mar 26

Automated by @molly0xFFF

Moonwell faces $1 million governance attack March 24, 2026

$Moonwell faces $1 million governance attack The Moonwell lending protocol is facing a governance attack on its deprecated Moonriver instance, that could drain $1 million from the project. Because Moonwell's MFAM governance token trades at fractions of a cent, an attacker was able to accumulate around 40 million tokens, submit a malicious proposal, and achieve quorum. Moonwell governance token holders are now scrambling to vote down the proposal before the voting ends on March 27. While the vote is currently not slated to pass, with 68% of votes opposing, some are concerned that the attacker could have more governance tokens held in reserve. If deployed at the last minute, the vote could still pass. Some have advocated for the Moonwell team to use its "Break Glass Guardian", which would allow them to prevent the attack from succeeding regardless of the vote outcome.$