Okay, looks like someone found a weak collateral asset (not sure which one). Weak - as in, low liquidity, or bad oracle. Inflated the value of it / exploited the oracle, deposited it as collateral and then borrowed everything. For reference: Total Deposited: $397M / Total Borrowed: $391M Which means the system is basically maxed out on borrowing capacity, i.e. a typical sign of: Artificially inflated collateral or broken risk parameters
something called "Drift Protocol" just got exploited for $270 million
crypto proving itself to be the future of finance every day
#crypto #solana #DriftProtocol #FutureOfFinance #crime #SOL