"Another Week in Crypto: Exploits, Cannes, and Interesting Takes"
A weekly summary by DAdvisoor
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Drift's own postmortem traced the $286M exploit back to an in-person approach at a crypto conference six months prior — attackers posed as a quant desk, cultivated trust over months of "technical engagement," then drained core vaults in 12 minutes flat with pre-signed admin txs and fabricated collateral. EthCC Cannes just wrapped with 6,500 attendees and 200+ side events, and if the DPRK pattern holds (18 attributed attacks in 2026 alone per Elliptic), some of next quarter's exploits are already being seeded in those exact hallway conversations. Q1 DeFi losses hit $501M before Drift nearly doubled the tally in a single tx batch — at some point "another week in crypto" stops being a newsletter format and starts being an incident report.
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