Decentralized exchange Drift Protocol reports that a sophisticated six-month social engineering campaign by malicious actors resulted in a $280 million exploit targeting the platform's contributors and infrastructure.

Key Points

• Drift Protocol investigators identified a coordinated operation that began in October 2025 when attackers posed as a quantitative trading firm at a major industry conference.
• The attackers spent six months building trust with contributors before using malicious links and tools to compromise devices and execute the exploit.
• Drift officials stated the perpetrators were technically fluent and maintained verifiable professional backgrounds to bypass internal security protocols.
• The exchange identified a medium-high probability that the same actors were responsible for the October 2024 Radiant Capital hack.
• Drift is currently collaborating with law enforcement agencies to investigate the April 1 attack and trace the individuals involved.

Why it Matters

This incident highlights a growing trend of sophisticated, long-term social engineering attacks targeting high-profile crypto projects through in-person industry events. It underscores the critical need for enhanced operational security and rigorous vetting processes for all external partnerships, even when interactions appear professional and legitimate.