Drift Protocol warns users to pause deposits amid ‘unusual’ trading activity

The reported incident could be a $200 million exploit of the decentralized crypto exchange due to a leak of a crypto wallet private key.

Drift Protocol, a decentralized cryptocurrency exchange (DEX), detected “unusual” trading activity on its platform on Wednesday and warned users not to deposit funds until the issue has been resolved.

The Drift team did not disclose the specific cause of the incident or the damage in its initial announcement and is currently investigating the issue. 

However, blockchain cybersecurity threat researcher Vladimir S said the exploit was likely due to a private key leak, and the total funds lost in the incident could be as high as $200 million. 

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