Crypto industry hit by multiple hacks and shutdowns this week
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On the first day of April, Solana-based Drift Protocol got hacked for approximately $280 million in different crypto assets.
Though the cryptocurrency platform is attempting a comeback and an asset recovery, it's the largest hack of the year.
However, other crypto platforms have also fallen prey to hacks and shutdowns this year.
Related: Major crypto firm replaces CEO, fires staff after acquisition spree
Crypto exchange suspends operations after hack
Grinex, a Kyrgyzstan-based crypto trading exchange linked to Russia, said on Apr. 16 that it got hacked for more than $13 million in a large-scale cyberattack. The platform suspected hostile foreign intelligence agencies for the hack.
The exchange said it has suspended operations following the attack, filed a complaint, and passed all available information to law enforcement agencies.
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NFT platform shuts down
Foundation, an Ethereum-based non-fungible token (NFT) platform, is shutting down, co-founder and CEO Kayvon Tehranian announced on Apr. 15.
Earlier this year, Foundation entered into an agreement to sell the platform to a buyer so that the operations could continue, but the acquisition didn't get completed, he shared with the community on X.
There isn't any other buyer worth pursuing, so Foundation is shutting down, Tehranian added.
Foundation later shared that the platform would come back online so that NFT artists can delist their works.
More on Shutdowns:
- Major crypto firm announces shutdown after $116M hack
- Major payments firm announces Good Friday shutdown
- Popular crypto game shuts down among high-profile exits
More exits
Mint Blockchain, a layer-2 Ethereum blockchain network popular for NFT infrastructure, also announced that it has officially ceased operations on Apr. 17.
The platform urged users to withdraw the crypto assets, Ether (ETH), Wrapped Bitcoin (WBTC), USDC and USDT stablecoins, and transfer them to the Ethereum mainnet by Oct. 20, 2026, so that their funds remain secure.
If the users don't withdraw their funds by the deadline, these assets will not be available for processing, Mint warned.
NFTs are unique digital assets stored on a blockchain, representing ownership or proof of authenticity for items such as art, music, collectibles, videos, or virtual goods.
NFTs became mainstream in 2021 as artists, brands, and game developers began selling digital art. But over the years, their popularity has declined due to market saturation, falling resale values, and waning speculative interest.
As reported earlier, Nike's RTFKT, Nifty Gateway, and Rodeo are other NFT platforms that shut down earlier this year.
