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