Odaily Planet Daily reports: Yu Xian, founder of SlowMist, posted on X: “Over $200 million in assets were stolen from Drift Protocol. A week ago, the multisig was migrated to a 2/5 setup without a timelock (1 old + 4 new signers). Hours ago, the attacker took control of admin privileges, minted counterfeit CVT tokens, manipulated oracles, disabled relevant security mechanisms, and drained the pool’s assets.”
Drift Protocol Hacked for Over $200 Million Following Multisig Change
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Summary
Drift Protocol suffered a $200 million exploit following a protocol update that changed its multisig setup to 2/5 without a timelock. According to RWA news from Odaily, the attacker seized admin rights, minted fake CVT tokens, manipulated the oracle, and drained the pool. Drift’s migration included one old and four new signers one week before the theft, and security mechanisms were disabled hours prior to the exploit.
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