Lookonchain

On April 1, reports from Lookonchain indicate the Drift Protocol exploiter swapped $270M+ worth of stolen assets into USDC$1.0005, bridged to Ethereum$1,686.33, and bought ETH. The attacker reportedly purchased 19,913 ETH for about $42.6M, then increased to 38,820 ETH for about $82.66M as activity continued. Drift Protocol says it is investigating unusual activity and asks users not to deposit while holders migrate positions; Phantom has issued an access warning for users.

Lookonchain says Drift Protocol appears to have been exploited, with more than $270M in assets reportedly transferred to the wallet HkGz4K. If confirmed, the incident could affect Drift users and liquidity providers and may trigger rapid on-chain fund tracing and potential market disruption. Traders and integrators should watch for official protocol updates and related transaction activity tied to the flagged wallet.