Social engineering gaps in DeFi security leave retail savings exposed
Ann Irvina Ravinther lost $76,000 in crypto savings after hackers withdrew $286 million from the Solana-based Drift Protocol on April 1. The theft resulted from social engineering rather than a code failure. Cybercriminals spent months building relationships with the Drift team at conferences while pretending to be a legitimate trading organization. These hackers tricked multisig signers into signing transactions they did not understand, granting the attackers admin control. The criminals then changed protocol permissions to withdraw the funds.
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