Apr 20
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On April 1st, Drift Protocol—one of Solana’s largest perpetuals DEXs—suffered a massive exploit, resulting in the loss of over $200 million. But here is the catch: it wasn't a standard smart contract bug. What exactly happened? Security experts are pointing to a brutal operational compromise, involving leaked private keys, abused durable nonces, and manipulated multisig approvals. In this episode of Running Web3, we break down the Drift Protocol hack, what the DeFi security community is saying about potential North Korea-linked actors, and the critical lessons Web3 builders must learn. We explore why hardening your smart contracts means nothing if your operational layer and governance systems remain vulnerable. Timestamps: 0:00 - Intro 0:30 - What happened? 1:54 - What the DeFi community says? 3:48 - What should DeFi teams take from this? If you are building in DeFi, this is a wake-up call: your protocol is only as secure as the people, processes, and timelocks wrapped around it. 🔑 Topics Covered: The timeline and scale of the $200M+ Drift Protocol exploit Why this wasn't a normal code-level smart contract bug Durable nonces, leaked keys, and multisig manipulation explained The hidden dangers of governance concentration in DeFi 5 critical security and operational lessons for Web3 builders 🚀 Build on a Reliable Web3 Foundation: As the Web3 ecosystem grows and faces new security threats, builders need infrastructure that stays fast, stable, and ready to adapt. GetBlock is your trusted Web3 infrastructure provider, offering shared and dedicated RPC node packages with 99.99% uptime across 130+ blockchains. Need reliable Solana RPC node access? Connect your dApp today - free signup, no card required. Sign up to GetBlock, and build your next big thing on Solana: https://account.getblock.io/?utm_source=YouTube&utm_medium=social&utm_campaign=RunningWeb3Episode7 Request Solana Advanced Data API: https://getblock.io/contact/?utm_source=YouTube&utm_medium=social&utm_campaign=RunningWeb3Episode7 GetBlock's Solana streams solution: https://getblock.io/products/streamfirst?utm_source=YouTube&utm_medium=social&utm_campaign=RunningWeb3Episode7 Solana data for high-frequency traders: https://getblock.io/products/tradefirst?utm_source=YouTube&utm_medium=social&utm_campaign=RunningWeb3Episode7 (Unique!) Solana archival data, Indexed: https://getblock.io/products/indexfirst?utm_source=YouTube&utm_medium=social&utm_campaign=RunningWeb3Episode7