By Omkar Godbole (All times Eastern unless otherwise noted)
Programmable blockchain Solana’s SOL token hit a five-week low after an attack on one of its largest permanent decentralized exchanges, Drift, highlighted that security risks extend beyond smart contracts.
Chaos Labs founder Omer Goldberg explained the cause of the problem: “If you’re building in DeFi, audit the surface area that manages keys. Not just smart contracts.”
Goldberg explained in his X thread that the attacker leaked Drift’s administrative keys. This key gives the attacker godlike control – like giving someone the master password to an entire bank vault, without any restrictions or alerts.
Taking advantage of this capability, the attackers created a fake collateral market for a worthless token called CVT. They maximize their risk parameters so the system treats hundreds of millions of junk tokens as safe, high-value collateral. In the same transaction, they switched the CVT price oracle to a state under their complete control, artificially pushed its value to sky-high prices, lifted circuit breakers (removed withdrawal restrictions) on major assets such as USDC and eETH, and evacuated tokens worth more than $250 million.
This also works well because Drift has a single shared liquidity pool that holds everyone’s collateral and trading funds, providing a seamless trading experience. (Imagine you deposited all your money into a bank account and then lost everything in a signature hack).
The real problem isn’t a bug in the code. That’s the huge “surface area” of managing keys, or the massive damage a compromised signer can do by rewriting protocol-wide risk rules, assigning oracles, and disabling security safeguards.
This is not the first time significant damage has been caused by the leak of privileged keys. Just 10 days ago, Resolv was depleted of $25 million in tokens due to an attacker leaking the SERVICE_ROLE key.
Therefore, the message is clear: protocol security now relies not only on smart contract auditing, but also on strong governance and critical controls.
In markets, SOL fell nearly 3% to $78.30, its lowest level since late February, in line with Bitcoin’s weakness Ethereum (ETH), Ripple (XRP) and the broader market represented by the CoinDesk 20 Index.
The culprit is once again President Donald Trump’s renewed threats against Iran, which has sent oil prices higher. In the short term, these headlines are likely to continue to drive moves in both traditional and crypto markets. Stay alert!
Read more: For analysis of today’s altcoin and derivatives activity, see Today’s Cryptocurrency Market
What to see
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- cryptocurrency
- Macro
- April 2, 8:30 a.m.: Number of initial jobless claims in the United States for the week ending March 28 (previous value: 210,000)
- income (Estimate based on FactSet data)
Token event
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
- Governance votes and calls
- Unlock DAO is voting to transfer 3 ETH to its Base multisig in exchange for USDC to cover current and future operating expenses. Voting closes on April 2.
- The Aavegotchi DAO is voting for 9 multi-signers, maintaining the 5 out of 9 signature threshold, and setting their quarterly compensation at $1,000 in GHST. Voting closes on April 2.
- The Arbitrum DAO is voting on two proposals to transform its code of conduct and procedures into living documents managed by OpCo and upgrade to ArbOS 60 Elara. Voting closes on April 2.
- Unlock
- April 2: Ethena (ENA) unlocks 2.18% of its circulating supply, worth $16.05 million.
- Token issuance
Meeting
For a more comprehensive list of this week’s events, see CoinDesk’s “Crypto Week Ahead.”
market trend
- BTC is down 2.53% since 4pm ET on Wednesday to $66,459.24 (24 hours: -3.1%)
- ETH fell 4.66% to $2,043.77 (24 hours: -4.16%)
- CoinDesk 20 down 3.59% to 1,891.30 (24 hours: -3.81%)
- The comprehensive pledge rate of Ethereum CESR increased by 1 basis point to 2.77%
- The BTC financing interest rate on Binance is 0.0001% (annualized 0.0635%)
- DXY rose 0.51% to 100.16
- Gold futures fell 3.56% to $4,641.60
- Silver futures fell 6.47% to $71.15
- The Nikkei 225 closed down 2.38% at 52,463.27 points
- The Hang Seng Index closed down 0.7% to 25,116.53 points
- The FTSE fell 0.08% to 10,356.15
- The Euro Stoxx 50 index fell 1.61% to 5,640.26
- The Dow closed up 0.48% on Wednesday at 46,565.74 points
- The S&P 500 closed up 0.72% at 6,575.32 points
- The Nasdaq Composite Index closed up 1.16% at 21,840.95 points
- The S&P/TSX Composite Index closed up 0.58% at 32,957.95 points
- The S&P 40 Latin America Index closed up 0.95% at 3,658.43 points
- The U.S. 10-year Treasury bond rate rose 5.1 basis points to 4.372%
- E-mini S&P 500 futures fell 1.17% to 6,540.50
- E-mini Nasdaq 100 futures fell 1.51% to 23,830.00
- E-mini Dow Jones Industrial Average futures fell 0.97% to 46,353.00
Bitcoin Statistics
- Bitcoin dominance: 58.58% (+0.04%)
- Ethereum-Bitcoin ratio: 0.03079 (-2.02%)
- Hash rate (seven-day moving average): 1,016 EH/s
- Hash price (spot): $31.48
- Total fee: 2.55 BTC / $174,507
- CME Futures Open Interest: 107,610 BTC
- BTC in gold: 14.4 ounces.
- Bitcoin and gold market capitalization: 4.44%
technical analysis
- The chart shows solana’s daily price fluctuations in the form of candlesticks with an Ichimoku cloud (a trend indicator) identified by the shaded area between the green and red lines.
- The coin’s price has moved back below the cloud, indicating that the broader decline continues. This pattern is similar to what we saw in mid-January, followed by a sharp price decline.
- The Ichimoku cloud was invented by a Japanese journalist and is widely used to spot trend changes. Crossovers above and below the clouds are said to represent bullish and bearish shifts in trend.
crypto stocks
- Coinbase Global (COIN): Closed Monday at $172.99 (-0.93%), after closing at $167.50 premarket, -3.17%
- Circle Internet (CRCL): Closed at $90.74 (-4.89%), -1.59% at $89.30
- Galaxy Digital (GLXY): Closed at $17.37 (-5.85%), -2.42% at $16.95
- Bullish (BLSH): Closed at $35.07 (-1.85%), -2.79% at $34.09
- MARA Holdings (MARA): Closed at $8.04 (-1.47%), -2.74% at $7.82
- Riot Platforms (RIOT): Closed at $12.55 (+1.54%), -4.94% at $11.93
- Core Scientific (CORZ): Closed at $15.30 (+2.27%), -3.66% at $14.74
- CleanSpark (CLSK): Closed at $8.62 (+1.29%), -3.38% at $8.33
- CoinShares Valkyrie Bitcoin Miner ETF (WGMI): Closed at $34.86 (+0.11%)
- Exodus Movement (EXOD): Closed at $6.68 (+2.77%)
Cryptocurrency Treasury Corporation
- Strategy (MSTR): Closed at $122.78 (-1.62%), -2.09% at $120.21
- Strive (ASST): Closed at $10.16 (+1.40%), -3.44% at $9.81
- SharpLink Gaming (SBET): Closed at $6.46 (+0.16%), -3.72% at $6.22
- Upexi (UPXI): Closed at $0.99 (+0.20%), -5.16% at $0.94
- Lite Strategy (LITS): Closed at $1.13 (-2.59%), -5.31% at $1.07
ETF flows
Spot BTC ETF
- Net daily traffic: -$173.7 million
- Cumulative net flow: $55.92 billion
- Total BTC holdings are approximately 1.29 million
Spot ETH ETF
- Daily net traffic: -$7.1 million
- Cumulative net flow: $11.58 billion
- The total amount of ETH held is approximately 5.71 million.
Source: Farside Investors
when you are asleep
Trump’s vague timeline on Iran stokes market and political anxiety (Bloomberg): In March, the $31 trillion U.S. Treasury market posted its worst monthly performance since late 2024, with bond investors worried that a war-driven surge in oil prices would stoke inflation.
‘We’re going to hit them hard’: Markets disappointed, oil prices rise again after Trump speaks (European News): Oil prices rose sharply and European stocks fell after Trump, in his first national address since the start of the Iran war, said the United States would continue to attack Iran.
Gold, silver fall as investors doubt Trump’s exit plan (Wall Street Journal): Gold and silver prices fell, as did industrial metals and stock prices. Spot gold prices fell 3% to about $4,670 per troy ounce. Spot silver fell more than 5%.
The Treasury bond craze is fading as some companies and governments sell off their holdings (CoinDesk): Those who piled into Bitcoin Investments of the past two years are now heading towards exit, which is not a good sign for the market.
