Another week, another DeFi exploit ๐ซ
@omeragoldberg joined me to unpack the Drift Protocol hack:
โ๏ธ What went wrong?
๐ How the attack resembles the Mango DAO and Resolv exploits
๐ค Why was Circle so slow to react?
โ ๏ธAre North Korean state actors behind the attack?
Timestamps:
๐ 0:00 Introduction
๐ฅถ 0:54 Why the Drift Protocol hack is so chilling
โ๏ธ 4:32 Was the admin key set up to blame? Or Was it a supply chain attack?
๐ 9:17 How the attack is reminiscent of the Mango DAO and Resolv exploits
๐ฌ 14:09 How a Solana feature allowed Drift's hackers to lie in wait without triggering alarms
โ๏ธ 19:55 How Drift Protocol failed to implement best practices
๐ฆ 24:53 Who else has been impacted by the Drift Protocol exploit?
๐ค 27:50 Should Circle have acted faster to freeze the loot?
โ ๏ธ 31:20 Why Omer thinks the Drift Protocol exploit has North Korea written all over it
๐ 34:34 Why Omer says the incident calls for better DeFi disclosures and audits