Solana DEX Drift Protocol Hacked for $285M

Find out our latest reports, listed below:

• Block Scholes x Panoptic: Bridging The Onchain Convexity Gap
• Volatility Report: February 2026

• 2026 – the year of RWA perps?
  
  
• Bybit x Block Scholes: “2026: It's Different This Time?”

‍

Market Snapshot: Overnight Moves

Daily Updates:

‍

• Despite Trump initially signalling a potential end to the US-Iran conflict may be near, crypto has retraced yesterday’s gains as the President delivered a prime-time address that reiterated the administration’s resolve to strike Iran’s energy infrastructure.
• In the Wednesday night address to the nation on the war in Iran, Trump reiterated his earlier claim that the United States was closing in on victory and suggested that the conflict could soon come to an end.
• However, this was paired with a strong indication of escalating military efforts to “finish the job,” indicating that hostilities are unlikely to ease. Instead, the US plans to strike Iran “extremely hard over the next two to three weeks.”
• “That means eliminating Iran’s navy, which is now almost completely destroyed, severely weakening their air force and missile programme to levels never seen before, and annihilating their defence industrial base.”

‍

• Markets are continuing to stomach the move with BTC dropping back down to to $69K level (-2.9% 24h), while ETH dropped further to $2K (-3.6% 24h).
• Crude Oil also spiked back up trading at around $107.39 +8.66% (24h), while Brent Crude spiked up to $108.65 +8.55% (24h), closing in on highs as seen earlier this year.
• US equities subsequently dropped steeply on market open but have since recovered throughout the day, with S&P 500 trading at $6,550 (-0.38% today) and Nasdaq Composite at $21,744.54 (−0.44% today).

‍

• Iran’s foreign ministry struck a defiant tone as spokesperson Baghaei rejected what he called a “vicious cycle of war, negotiations, and ceasefire.” He made it clear that Iran has no intention of stepping back, vowing instead to press forward until what it describes as the “permanent surrender” of Israel and the United States.
• In contrast, Iran’s foreign ministry spokesperson has said that vessels are still able to pass through the Strait of Hormuz as long as they “do not belong to the aggressor and are not related to them.” namely tankers and ships associated with the United States or Israel.
• Earlier today, in a Thursday address, Iran’s military spokesperson Lieutenant Colonel Ebrahim Zolfaqari delivered a stark warning. He declared that the enemy “must pay the price for the aggression they initiated against the honourable and Muslim nation of Iran,” signaling that retaliation is far from over. 
• According to him, the conflict will not end until the enemy faces “inevitable and permanent humiliation, disgrace, regret, and surrender.” He also cautioned that Iran could escalate further, hinting at “more extensive and devastating actions” still to come.

‍

• UN Secretary General António Guterres addressed reporters in New York, highlighting the risk of further escalation and economic strain translating to rising global energy and food costs "My message is clear, to the United States and Israel, it is high time to stop the war that is inflicting immense human suffering and already triggering devastating economic consequences." and addressing: "To Iran, to stop attacking their neighbours."

‍

• Solana based decentralized exchange Drift was hit by a major exploit, with around $285M in crypto assets stolen. On X, the team explained: “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,” adding that it was “a highly sophisticated operation” involving weeks of preparation and delayed transaction execution.
• They also noted the breach was made possible by “pre-signed durable nonce transactions” and the compromise of multiple multisig approvals, likely through social engineering or misleading transaction prompts. Drift says it is now working with security firms, exchanges, bridges, and law enforcement to track and freeze the stolen funds, with a full postmortem to follow.

‍

• Metaplanet CEO Simon Gerovich shared an update that in Q1 2026 the company purchased 5,075 BTC for $405.48 million (around $79,898 per coin), delivering a 2.8% BTC yield year-to-date. As of March 31, 2026, the firm holds 40,177 BTC acquired for roughly $4.18B at an average price of about $104,106.
• This latest acquisition places Metaplanet as the third-largest publicly traded holder of bitcoin, still well behind Strategy’s 762,099 BTC but narrowing the gap with Tether-backed Twenty One, which holds 43,514 BTC.

‍

• Coinbase CLO Paul Grewal signaled that the U.S. Clarity Act is nearing a breakthrough, despite friction around stablecoin yield rules, as policymakers push to solidify the country’s position in global crypto markets. 
• He dismissed banking industry warnings about deposit flight on the back of incentivising stablecoin, as largely speculative, noting there’s still no real-world evidence to support those claims.
• Grewal pointed to a potential Senate committee markup within weeks, setting the stage for a broader vote. 
• Coinbase continues to push back against any provisions that would restrict rewards on idle stablecoin balances, framing them as a threat to innovation and user benefits.

‍

• YZi Labs, the venture firm backed by cryptocurrency exchange, Binance’s co-founder Changpeng “CZ” Zhao, has made a follow-on investment in prediction market platform Predict.fun
• The investment comes as Binance revealed it is testing an in-app prediction market feature in collaboration with Predict.fun, which is built on BNB Chain and previously went through YZi Labs’ incubation program.
• Predict.fun is targeting the next phase of growth by improving capital efficiency, converting idle collateral into yield-generating assets via DeFi integration and creating a liquidity flywheel to maximize capital use.

‍

• Separately, Pump.fun led a $1M pre-seed round in Pumpcade, a livestream-focused prediction markets platform, alongside Foundation Capital and angel investor RadioSolace. The platform allows users to instantly launch prediction markets directly within livestreams, with outcomes that can settle in seconds or minutes, enabling rapid, real-time engagement.

‍

This Week’s Calendar:

‍

Charts of the Day:

‍

‍

‍

‍

‍