Okay, looks like someone found a weak collateral asset (not sure which one).
Weak - as in, low liquidity, or bad oracle.
Inflated the value of it / exploited the oracle, deposited it as collateral and then borrowed everything.
For reference:
Total Deposited: $397M / Total
Borrowed: $391M
Which means the system is basically maxed out on borrowing capacity, i.e. a typical sign of:
Artificially inflated collateral or broken risk parameters
something called "Drift Protocol" just got exploited for $270 million
crypto proving itself to be the future of finance every day
#crypto #solana #DriftProtocol #FutureOfFinance #crime #SOL