Drift has halted withdrawals and deposits after confirming a security incident, as blockchain analysts estimate losses could reach hundreds of millions of dollars.
The company said in a post on X that it was experiencing an active attack and had taken steps to contain the situation. It has not yet disclosed the scale of the breach or whether funds have been fully secured.
Estimated Losses And Ongoing Investigation
Security firms analysing blockchain activity have reported varying estimates of the potential losses. CertiK said attackers may have taken approximately $136 million, while Arkham estimated losses could be as high as $285 million.
If confirmed, the incident would rank as the largest cryptocurrency theft recorded this year, according to data tracked by the Rekt leaderboard.
The identity of the attackers has not been confirmed, and Drift has not provided further details on how the breach occurred.
Broader Context Of Crypto Security Threats
Cryptocurrency platforms have faced ongoing security challenges, with large-scale thefts continuing to impact the sector. Security researchers have previously attributed significant portions of stolen cryptocurrency to state-linked actors.
Analysts say North Korea was responsible for the majority of crypto thefts last year, with estimated losses of at least $2 billion. These funds are believed to support government programmes and bypass international financial restrictions.
Featured image credits: Technology Marketing Toolkit
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