Earlier today, a malicious actor gained unauthorized access to Drift Protocol through a novel attack involving durable nonces, resulting in a rapid takeover of Drift’s Security Council administrative powers.

This was a highly sophisticated operation that appears to have involved multi-week preparation and staged execution, including the use of durable nonce accounts to pre-sign transactions that delayed execution. Based on our investigation to date:

- This was not the result of a bug in Drift’s programs or smart contracts
- There is no evidence of compromised seed phrases
- The attack involved unauthorized or misrepresented transaction approvals obtained prior to execution, likely facilitated through durable nonce mechanisms and sophisticated social engineering

As a result, approximately $280M was withdrawn from the protocol.

Introducing BET: The First Capital-Efficient Prediction Markets on @solana

Bet bigger on the future.
Hedge on a unified platform.
Earn yield from your positions. Prediction markets are DeFi’s next frontier, merging trading with real-world outcomes.

With today’s launch of BET, Drift transforms global sentiment shifts into tradeable, decentralised foresight.

This is the future of on-chain trading.

1/ Introducing Leveraged Swaps on Drift!

Using the power of flash loans and @JupiterExchange, Drift traders now have access to the best prices on Solana and up to 5x leverage with just one click! 👾 https://t.co/5iBenTXU5ttwitter.com/i/web/status/1…
2/ With Leveraged Swaps on Drift users can:

- Swap between any supported pair with up to 5x leverage
- Get the best price/lowest slippage for your swap, powered by Jupiter
- All in your Drift account

Yesterday @Fiskantes renewed his bullish thesis on DEXs for decentralised derivatives such as perpetual futures.

So, why do decentralised derivatives make sense?

The answer is simple 🧵 The main reason for decentralised derivatives such as perpetual futures are:

1️⃣ Self-custody

2️⃣ Permissionlessness (no KYC)

3️⃣ Self-sovereignty

➡️ DeFi rails (Drift) > CeFi rails (Binance, Coinbase, FTX & Kraken)

cc: @aeyakovenko

https://twitter.com/aeyakovenko/status/1465699414710779908?s=20&t=w1U8WT5sbXpLmXCx2eumuA

1/ Drift Labs is excited to announce a new brand that mirrors the team's long-term vision of a lightning fast, decentralised derivatives protocol.

@DriftProtocol brings on-chain, cross-margined perpetual futures to @solana. Making futures DEXs the best way to trade. 2/ A brief history on derivatives -- the first modern derivatives exchange operated in 18th century Edo Japan, as the Dōjima Rice Exchange, where rice farmers, merchants and brokers traded the world's first cash-settled commodity futures through a central clearinghouse.

👉 🧵 A Primer on Perpetual ♾️Swaps:

1/ A perpetual swap is a type of delta-one futures contract which has no expiry date. The contract has no intrinsic value and instead has a mark price, which is used to calculate PnL (Profit and Loss) and trigger liquidations. 💥 2/ Perpetual swaps make it intuitive for traders to use futures as they never need to be rolled. Since perpetuals are just contracts they can deviate from their underlying price so stay tethered to their spot prices in terms of their premiums with a funding rate mechanism. ⚙️