🚨 NEW: Solana-based @DeFiCarrot announces it is shutting down, citing the Drift exploit as catastrophic to its continued operations. https://t.co/HmjCoAg35U

🚨 NEW: Solana-based @DeFiCarrot announces it is shutting down, citing the Drift exploit as catastrophic to its continued operations. https://t.co/HmjCoAg35U
A lot of projects built on top of Drift, so this exploit hit far beyond just direct Drift users
$CRT (by @DeFiCarrot) is just one example of a yield-bearing token taking losses from relying on yield generated via Drift
Others include $USDC+ (by @reflectmoney) and likely $rgUSD (by @ranger_finance)
On top of that, many projects routed lending services (at least in part) through Drift (like @xplaceapp or @fusewallet, and plenty more)
We’ll need a few more days to see the full extent of the damage
Hack Drift has a big impact on DeFi on Solana. It indirectly affected several protocols, e.g., Carrot informs that $CRT holders will incur an estimated loss of 50% if they do not recover any funds.
Today ONDO announced that it froze $477k originating from the Drift hack.