Following the hacking of Carrot TVL Drift, it collects 93% per month
Solana-based decentralized financial product protocol Carrot announced Thursday that it is permanently shutting down after becoming one of the first DeFi protocols to fall due to the Drift Protocol exploit in early April.
In an X post on Thursday, Carrot said that the Drift exploit was “horrific” for the protocol and that he couldn't continue financially. The platform has set a deadline of May 14 for users to withdraw their remaining funds. He said he will continue to help with drift-related recovery efforts and distribute assets as they become available.
We will set May 14 as the deadline to withdraw remaining funds from Boost, Turbo and CRT before we start transferring the system. The accumulated funds are still yours, but all benefits are reduced to zero, freeing up all liquidity for CRT redemptions, the protocol team said.
The Drift protocol exploit was the second largest on April 1, 2026. This attack involved months of social engineering by a group of hackers who gained administrative control and locked more than half of the protocol's total value.
The contagion has spread to related projects such as product protocol Gauntlet, lending and borrowing platform PrimeFi, and crypto fund Elemental DeFi.
Related: Insider trading backlash forces Polymarket to step up surveillance
Carrot integrated with Drift Infrastructure and used the pools to produce products for its users. His TVL crashed after a hack from Drift Protocol.
According to data from Defilama, Carrot's net worth was around $28 million before the Drift hack, and is currently $1.99 million, a drop of roughly 93 percent.
Carrot sharp TVL drop after Drift Hack. Source: Defillama
According to Defillama data, digital assets worth $630 million were stolen on 25 occasions in April, making it the worst month since February 2025 when $1.47 billion was stolen.
The $293 million hack on liquid staking protocol Kelp is the biggest exploit of 2026. The Drift Hack is close behind with $285 million. Together, these two attacks accounted for more than 90% of all crypto stolen in April.
Magazine: AI-Driven Hacks Could Kill DeFi – Unless Projects Act Now
