Gate News reports that on April 2, the founder of Mist (Slow Mist), Yu Xuan, disclosed that the root cause of the Drift Protocol theft was that, one week prior, the multisig setup was migrated to a 2/5 configuration without a timelock (1 old signer + 4 new signers). The attacker exploited this to quickly take over the admin privileges, then minted counterfeit CVT tokens, manipulated the Oracle, disabled related security mechanisms, and ultimately drained all the assets in the pool, resulting in losses exceeding $200 million. Yu Xuan urged all DeFi project teams to promptly and regularly review extreme risk scenarios following the compromise of owner/admin private keys, and to improve alerting and response mechanisms; users should also clearly understand their exposure to potential fund losses in extreme situations (such as insider malfeasance) within the DeFi protocols they participate in, to avoid blind entry.
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