{"id":159701,"date":"2026-05-01T22:59:54","date_gmt":"2026-05-01T22:59:54","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=159701"},"modified":"2026-05-01T22:59:54","modified_gmt":"2026-05-01T22:59:54","slug":"solana-yield-protocol-carrot-shuts-down-after-8m-exploit","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=159701","title":{"rendered":"Solana Yield Protocol Carrot Shuts Down After $8M Exploit"},"content":{"rendered":"

Carrot, a Solana-based DeFi yield protocol, announced its permanent shutdown on April 30, 2026, after losing approximately $8 million in total value locked, roughly half its TVL \u2013 to the fallout from the April 1 Drift Protocol exploit<\/a> that drained an estimated $285 million from one of Solana\u2019s largest perpetual futures platforms.<\/p>\n

Carrot was not directly hacked. It was taken down by a protocol it depended o, and that distinction is what makes this story more than a routine exploit summary.<\/p>\n

Users have until May 14, 2026, to voluntarily withdraw funds from Carrot\u2019s three core products. After that deadline, the team will begin force-deleveraging all remaining positions to 1x leverage, freeing liquidity for final CRT stablecoin redemptions.<\/p>\n

Carrot\u2019s official account on X confirmed the decision plainly: \u201cCarrot is shutting down. This is certainly not the outcome we wanted, but the situation with the Drift exploit has proven to be catastrophic for our continued operations.\u201d<\/p>\n

A snapshot of CRT token holdings was taken at 20:00 UTC on April 1, the exact moment of the Drift exploit, to preserve proportional claims for any future Drift recovery distributions paid via IOU token.<\/p>\n

1\/ Carrot is shutting down<\/p>\n

This is certainly not the outcome we wanted, but the situation with the Drift exploit, has proven to be catastrophic for our continued operations.<\/p>\n

\u2014 Carrot (@DeFiCarrot) April 30, 2026<\/a><\/p>\n\n

The detail most headlines are missing is that Carrot never had a vulnerability in its own code. Its Boost and Turbo products routed user funds through Drift-integrated vaults, meaning Drift\u2019s security was also Carrot\u2019s security, whether Carrot\u2019s users knew that or not.<\/p>\n

DISCOVER:\u00a0The Next 1000x Crypto Gem Before It Lists on Binance<\/a><\/strong><\/p>\n

How Did the Drift Protocol Exploit Actually Work?<\/h2>\n

The Drift exploit, which the Drift Protocol confirmed occurred at approximately 20:00 UTC on April 1, used what investigators have described as a novel durable nonce exploit, a technique that manipulates how Solana handles pre-authorized transaction signing to compromise administrative controls.<\/p>\n

Attackers, suspected to have ties to North Korean state-sponsored groups, spent roughly three weeks preparing the attack before executing it. Over 50% of Drift\u2019s TVL was drained in minutes, triggering an immediate suspension of deposits and withdrawals across the platform.<\/p>\n

Source: Drift TVL \/ DefiLlama<\/a><\/p>\n

Carrot held significant exposure through Drift-integrated vaults and liquidity positions. Shortly after the exploit, the team paused all minting and redemption functions while assessing the damage.<\/p>\n

By mid-April, Carrot\u2019s CRT net asset value had been adjusted to approximately $57.52 to $57.58 per token, reflecting both realized and unrealized losses. The Drift hack is now the largest DeFi exploit of 2026 and the second-largest in Solana\u2019s history \u2013 a data point that matters for anyone evaluating the health of the broader Solana ecosystem<\/a> right now.<\/p>\n

Carrot operated for more than two years before this shutdown, building what it described as a \u201cyield operating system\u201d for Solana. No management fees apply during the wind-down period, and the team has confirmed that deposited funds remain the legal property of users throughout the process.<\/p>\n

EXPLORE: Best Crypto Presales to Watch<\/a><\/strong><\/p>\n

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The post Solana Yield Protocol Carrot Shuts Down After $8M Exploit<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Carrot, a Solana-based DeFi yield protocol, announced its permanent shutdown on April 30, 2026, after losing approximately $8 million in total value locked, roughly half its TVL \u2013 to the fallout from the April 1 Drift Protocol exploit that drained an estimated $285 million from one of Solana\u2019s largest perpetual futures platforms. Carrot was not […]<\/p>\n","protected":false},"author":0,"featured_media":159702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-159701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/159701"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=159701"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/159701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/159702"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=159701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=159701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=159701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}