Drift hacked for $285 million

Solana-based trading platform Drift suffered an exploit yesterday, draining at least $285 million across multiple vaults. The attack ranks among the largest DeFi hacks on record and the biggest Solana exploit outside the $326 million Wormhole bridge hack. Drift warned users not to deposit funds while investigating. The attacker has begun converting stolen assets to ETH on Ethereum, holding approximately $42 million in that form as of the report. Read more →

VC firm Paradigm is developing a trading terminal for prediction markets. The move comes as the firm deepens its bet on the sector – Paradigm backed Kalshi's December funding round that valued it at $11 billion, and Kalshi has since raised $1 billion more at a $22 billion valuation. Paradigm is also exploring a market-making desk and prediction market indexes, signaling aggressive expansion into a space where rival Polymarket is valued near $20 billion. Read more →

Big names in crypto and tech are racing to build a future where AI agents – not humans – handle online transactions. Coinbase has partnered with 20+ companies, including Cloudflare, Stripe, Google, and Visa, to create a non-profit foundation to govern x402, the open standard for high-frequency micropayments. A rival effort is emerging from Stripe and Paradigm: the Machine Payments Protocol (MPP), built alongside their Tempo blockchain (which raised $500M). Read more →

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