Back Decrypt.Co

Wasabi Protocol Lost $4.55 Million in a DeFi Exploit Due to Lacking Timelock and Multisig Protection

Decrypt.Co • April 30, 2026

Wasabi Protocol, a DeFi platform, lost $4.55 million due to an exploit where attackers gained admin privileges. The exploit involved upgrading vaults to drain funds using the UUPS upgradeability pattern. Wasabi lacked timelock or multisig protection, leaving a single key in control.

Tether Investments proposed a triple merger involving Twenty-One Capital, Strike, and Elektron Energy to create a leadin... Read Summary

Gemini has obtained a Derivatives Clearing Organization license from the CFTC, enabling the exchange to internally settl... Read Summary

Andean Medjedovic, accused of stealing $65 million from DeFi protocols, is linked to recent money laundering activities.... Read Summary

Coinbase's asset management arm is launching the Coinbase Stablecoin Credit Strategy (CUSHY) fund, offering onchain acce... Read Summary

World Liberty Financial's token, WLFI, dropped 18% following a controversial governance vote that some critics labeled a... Read Summary

AllUnity has extended its euro-backed stablecoin, EURAU, to the Solana blockchain to offer faster settlement and lower t... Read Summary

Wasabi Protocol, a DeFi platform, lost $4.55 million due to an exploit where attackers gained admin privileges. The expl... Read Summary

DOGE's price has climbed nearly 10% over the past week, with open interest in DOGE futures reaching the highest level th... Read Summary

Arthur Hayes believes Hyperliquid's foray into prediction markets, driven by the HYPE token, will offer users unique ben... Read Summary

Sen. Thom Tillis of the Senate Banking Committee hinted at a potential vote on the Clarity Act, a crypto legislation cru... Read Summary

Meta has introduced a crypto payment system allowing content creators in Colombia and the Philippines to receive earning... Read Summary

Alex Mashinsky, former CEO of Celsius Network, agreed to a $10 million settlement with the FTC, banning him permanently... Read Summary

Steak ‘n Shake's Chief MAHA Officer Michael Boes highlighted the positive impact of Bitcoin on the chain's business, lea... Read Summary

Over $1 billion has been stolen in 68 crypto hacking incidents in 2026, with three major thefts accounting for most loss... Read Summary

A suspicious trade on Hyperliquid's HOOD futures contracts, mimicking Robinhood's stock, raised concerns of insider trad... Read Summary

The full story

This article is one source in a clustered incident — the cluster page carries the summary, timeline and every other outlet covering it.

Wasabi Protocol Exploit Results in Over $5 Million Loss Wasabi Protocol, a DeFi derivatives platform, suffered an exploit resulting in over $5 million in losses. The attack was executed across multiple chains, including Ethereum, Base, Berachain, and Blast, with security firms confirming that a compromised admin key allowed the attacker to gain privileged access. The exploit involved the use of the UUPS upgradeability pattern, which enabled the attacker to drain funds from vaults without adequate safeguards like timelock or multisig protection. The stolen assets included WETH, PEPE, USDC, and others, which were subsequently consolidated and distributed across various addresses. Wasabi Protocol has advised users to refrain from interacting with its contracts while investigations are ongoing. This incident is part of a troubling trend in DeFi, with over 25 protocols hacked in April 2026 alone, totaling more than $600 million in losses. The exploit highlights operational design flaws rather than smart contract vulnerabilities, raising concerns about security practices in the DeFi space. 5 sources 66

Extracted Entities

Wasabi Protocol Lost $4.55 Million in a DeFi Exploit Due to Lacking Timelock and Multisig Protection

The full story

Extracted Entities

Attack Types (1)

Companies (1)

Countries (2)

Platforms (1)