The decentralized finance platform Drift has suspended all deposits and withdrawals after a significant security incident. In a post on X, the company confirmed it was ‘experiencing an active attack’ which is currently being contained.

Security researchers and public blockchain data suggest that the losses could be substantial. Blockchain security firm CertiK estimated the hackers may have stolen around $136 million, while crypto analytics firm Arkham put the figure at a staggering $285 million. If confirmed, this would place the Drift hack as the largest theft of the year according to Rekt leaderboard.

The identity of the attackers remains unclear and Drift has not yet commented on the matter. It is worth noting that North Korea was responsible for the most crypto thefts last year, netting at least $2 billion in cryptocurrency used to fund its nuclear weapons program and evade international sanctions.