A cyberattack on Grinex, a Kyrgyzstan cryptocurrency exchange, exposed a network allegedly helping Russia evade sanctions. Hackers stole $15 million, targeting Grinex and the linked TokenSpot. Grinex, viewed as a continuation of the sanctioned Garantex, faces scrutiny for facilitating transactions linked to sanctioned entities.

Drift Protocol announced a recovery plan backed by $150 million after a $280 million exploit, transitioning from USDC to USDT, impacting 128,000 users. The plan links user balance restoration to ongoing trading, following criticism of Circle's response to the hack.

Decentralized finance (DeFi) is under pressure as lending yields drop to levels similar to traditional bonds, blockchain activity declines, and a significant hack raises security concerns, challenging claims of institutional-grade safety.

Solana co-founder toly noted that the industry needs a stablecoin that can only be frozen under a court order, opposing other freeze factors. He suggested that the protocol issue a stablecoin with custom freeze strategies on the base layer and strengthen security measures. This view stems from a recent response by Circle to the Drift protocol hack incident, sparking discussions about centralized stablecoins.

Circle’s Chief Strategy Officer Dante Disparte responded to the Drift Protocol theft incident, emphasizing that freezing USDC is being carried out according to law, calling for stronger coordination between law and technology, and suggesting that DeFi protocols should draw on protection mechanisms from traditional markets to advance legal protection of property rights and financial privacy.

On-chain sleuth ZachXBT said the Bitcoin Depot hack resulted in an actual loss of 54 bitcoins, which is more than its official reported figure of 50.9 bitcoins. The hacker stole the funds on March 20 after compromising credentials, and Bitcoin Depot only discovered the loss three days later.

Gate News update: On April 8, Drift Protocol posted an update on the incident response process for the hack. Drift said that it is currently actively working with asymmetric research and OtterSec to develop a coordinated and aligned recovery plan. At this stage, the primary focus is to stabilize the situation and provide protocol-level assurances for all affected users and partners. In addition, Drift will participate in a security mechanism under the Solana Foundation.

FTX/Alameda sold 6.94 million DRIFT tokens through Wintermute, raising about $320k. This liquidation took place after the Drift Protocol suffered a $285 million hack. The 8.33 million DRIFT tokens Alameda received from early investments have since seen their current value drop sharply, with the initial investment value falling significantly.

Ledger CTO Charles Guillemet noted that Drift Protocol’s exploitation method is similar to a 2025 CEX hack incident, and that the security issues mainly stem from people and operations rather than code defects. The attacker infiltrated a multisig device to trick the signer into approving a malicious transaction.

Fenbushi Capital co-founder Bo Shen has initiated a bounty program to recover $42 million stolen in a 2022 hack, offering 10-20% rewards for contributions to recovery. Recent advances in blockchain analysis have improved investigative capabilities, with some funds already frozen.