Drift hacked for more than $280 million it’s a sad day for Solana

JUST IN: Drift theft incident tied to executive turnover and notable multisig changes prior to the event. If confirmed, this could raise questions about internal controls and security management in the project. $DRIFT

JUST IN: A SOL whale reportedly rug-pulled after the Drift hack, losing around $4 million. This underscores risk concentration in layer-1 token wallets following exploit events. $SOL

Many short positions in JLP neutral strategies are likely also positioned on Drift, and combined with the large-scale theft of JLP, this is affecting the entire Solana DeFi ecosystem…

This is what I want to see no tribalism but respect among professionals my respect level grew hard here for @solana team $SUI getting respect where respect is due

With Drift exploit, what is the hurdle rate for Usdc yield in borrow/lend defi? Before (& likely stupidly) had left money in at 5-6% Apr. Removed all of this today and sent to Coinbase to earn 3.5%. New minimum for me is 15% Apr, which is only possible if protocol is heavily incentivized or looping. Like Neverland on Monad. Basically for new chains / protocols which are riskier. Sad day for defi and solana. Luckily not impacted but was heavily farming Drift last year.