Solana
Why Solana is down 2.7% today
Analysis
Solana (SOL) fell about 2.7% over the past 24 hours as traders reacted to reports that major Solana-based DeFi trading platform Drift was exploited, with estimates of losses ranging from at least $200 million to as high as $285 million. The risk-off move was reinforced after Drift said it was investigating suspicious activity and instructed users to halt deposits, adding to near-term uncertainty around Solana DeFi.
Contributing Factors (3)
‘Not an April Fools joke’: Major Solana-based trading platform Drift exploited for at least $200 million
The exploit, which started over two hours ago, seems to be targeting multiple Drift vaults, totaling at least $200 million.
Solana DeFi Exchange Drift Protocol Exploited, Upwards of $285 Million Stolen
Solana-based perpetuals DEX Drift Protocol has suffered an exploit impacting more than $200 million in funds.
Solana DeFi platform Drift investigates suspicious activity, tells users to halt deposits
The platform halted deposits while it investigates suspicious activity and urges users to proceed with caution.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.