Crypto
$270M
Sage D. Young

April 1 is known as a day for funny pranks. However, a popular trading venue on the solana blockchain, Drift, is suffering from an ongoing exploit today, on-chain data shows.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fools joke,” the team said on social media at 2:58 p.m. ET.

TheBlock reported the exploit is at least $200 million, while blockchain sleuth Lookonchain estimates the figure is $270 million. It could be even more. At this range, the Wednesday hack is among the largest ever, according to the exploits ranking dashboard from Rekt.

Drift’s exploit is concerning for those within the crypto industry. Solana treasury firm DeFi Development Corp. allocates a portion of its balance to on-chain strategies to generate yield, including Drift, though the firm announced it had no exposure to the protocol and “was not impacted by an alleged exploit affecting the platform,” per its press release.

Drift also provides to qualified users sACRED, a derivative token of a tokenized feeder fund that is linked to Apollo Global Management Inc.’s traditional Diversified Credit Fund.

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Sage D. Young
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Google Research: Quantum computers a “serious threat” to 6.7 million bitcoin, including Satoshi’s coins

“Their fast-clock architecture could crack a private key in 9 minutes, while bitcoin blocks take 10 minutes on average. That changes the threat model entirely.”

Quantum Computing illustration
Yaël Bizouati-Kennedy
Oof
3/31/26
Bitcoin treasury firm Nakamoto bought high and sold much, much lower as bitcoin suffers another bad quarter

Bitcoin is on track to close the first quarter of 2026 down more than 24%.

A bronze statue of “Satoshi Nakamoto”
crypto
Sage D. Young

Ethereum looks likely to register first monthly green candle since August

Ethereum has increased nearly 4% in the last 24 hours, outpacing crypto majors in the period. 

If the asset can hold the current level, trading around $2,065, ethereum will record its first monthly green candle since August, helping the token outperform the broader market slump during the Iran War.

Amid the news, BitMine Immersion Technologies, the largest ethereum treasury firm and largest staking entity, announced acquiring 71,179 tokens, or $146.3 million, in the past week. 

“Crypto is demonstrating itself to be a good ‘war time’ store of value,” BitMine Chairman Tom Lee said in a press release. 

“The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical. Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” Lee continued.

Meanwhile, ethereum ETFs suffered last week, with the investment vehicles registering $206.6 million in outflows, the third-most in the year, data from SoSoValue shows. 

In other ethereum news:

  • The Ethereum Foundation staked around $46.2 million worth of ethereum on Monday, according to on-chain data. “This is more ETH than they have EVER staked before,” Arkham Intelligence said on social media. 

  • Lido, the second-largest decentralized finance protocol and known for its liquid staking services, primarily for ethereum, is considering a $20 million buyback for its native token, LDO, which has plummeted nearly 96% since its all-time high of $7.30 set in 2021. 

Yaël Bizouati-Kennedy
3/30/26
Bitcoin lifts following Trump’s “great progress” comments, may break 5-month losing streak

“Under the surface, the market is not broken, though it is still thin.”

Bitcoin Medals Manufactured At Sakamoto Metal
crypto
Sage D. Young

Altcoins have given back the majority of their gains since the Iran war began

While crypto altcoins outperformed for a long stretch after the outbreak of the US war with Iran, the asset class has retraced this past week.

XRP, solana, and ethereum have each dropped more than 6% in the past seven days as the total market capitalization for all of crypto (including bitcoin) has shed roughly $44 billion in the period, per CoinGecko.

Ethereum ETFs have also registered daily consecutive outflows for the past seven days, totaling more than $392.1 million. The last time these investment vehicles had such a streak was in December when ethereum decreased from $3,221 to $2,995, data from SoSoValue shows. 

The Iran war was at first a positioning shock that saw crypto thrive, in part because the asset class was “lightly owned,” according to Fredrick Collins, CEO of crypto analytics platform Velo.xyz. 

“Now as more concrete and persistent concerns about economic impacts have materialized, it’s not surprising to see crypto struggling as well,” Collins told Sherwood News. “In the face of cyclical (rather than transient) worries for risk assets in general, it’s not realistic to expect crypto to remain unscathed. And so we’ve unfortunately just not seen that initial relative strength in crypto continue to play out.”

Meanwhile, traders are expecting the price of ethereum to decline further this year. Prediction market-implied odds of the cryptocurrency sliding below $1,750 are at 81%, while the probability of the token tumbling under $1,500 stands at 68%, an increase from 52% on Monday. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

A drop to $1,457 would liquidate about 162,870 ethereum tokens’ worth of leveraged long positions, worth $323.3 million on Hyperliquid, per CoinGlass.

Slater Santer, a research analyst at trading firm GSR said, "Short term, the market likely remains flow-driven and headline-sensitive. Without a stabilization in ETF flows, a cooling in oil, or a renewed bid in equities, it's hard to argue for a sustained bounce in alts."

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Slater Santer, a research analyst at trading firm GSR said, "Short term, the market likely remains flow-driven and headline-sensitive. Without a stabilization in ETF flows, a cooling in oil, or a renewed bid in equities, it's hard to argue for a sustained bounce in alts."

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