Wasabi Protocol Hack: $4.5M Loss and DeFi Lessons
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The DeFi sector can't escape the clutches of hack attacks. Ethereum and Base-based perpetuals trading platform Wasabi Protocol was hit by a $4.55 million heist on Thursday. Attackers seized the private key of the externally owned account (EOA) named wasabideployer.eth and immediately transferred the single ADMIN_ROLE permission in the protocol's permission system to themselves.
Wasabi Protocol Attack Technical Details
According to Blockaid's detection, the grantRole function was called using the UUPS standard, and the codes of the perp vaults and Long Pool were replaced with malicious versions. Funds were quickly drained:
- Ethereum: wWETH, sUSDC, wBITCOIN, wPEPE vaults
- Base: sUSDC, wWETH, sBTC, sVIRTUAL, sAERO, sBRETT vaults
Users were advised to immediately revoke their LP token approvals. The flexibility of UUPS led to fund loss in cases of admin abuse.
Similarity to Drift Protocol and Recent Delisting News
The attack resembled the $285 million loss of Solana-based DRIFT Protocol at the beginning of the month. There too, a single admin key pulled off the heist in 12 minutes. Today (2026-05-02), $DRIFT was delisted from Upbit and Bithumb – post-hack loss of trust was a factor. Three weeks ago, Kelp DAO lost 292 million dollars; in April, CoW Swap, Grinex, Resolv Labs, and Volo were shaken.
ETH Price and the Impact of DeFi Hacks
ETH is currently at $2,307.45 (-0.32% 24h). RSI 53.14 (neutral), Supertrend bearish. Critical levels:
- Supports: S1 $2,221 (-3.70%, ⭐ Strong), S2 $2,287 (-0.85%, ⭐ Strong)
- Resistances: R1 $2,394 (+3.79%, ⭐ Strong), R2 $2,324 (+0.76%, ⭐ Strong)
DeFi hacks are pressuring the sideways trend in ETH detailed analysis. ETH futures could increase volatility.
DeFi Security: Multisig and Timelock Are Essential
Cumulative DeFi losses in 2026 have exceeded 770 million dollars. Single key weakness is driving the shift toward multisig/timelock. If the sector fails to implement postmortems, erosion will accelerate.
Frequently Asked Questions About the Wasabi Hack and DeFi
How much was lost in the Wasabi Protocol hack?
$4.55 million, from vaults on ETH/Base chains.
Why was DRIFT delisted?
Loss of trust after the hack; Upbit/Bithumb removed it.
Does ETH price get affected by hacks?
Yes, DeFi volume drop creates a sideways trend.