1. Vulnerabilities in Trust Design and Massive Losses
The exploits targeting Drift and Kelp in April 2026 resulted in a combined drain of approximately $600 million in assets. Notably, the root cause did not stem from smart contract vulnerabilities, but rather from flaws in "off-code" trust design—specifically, misplaced human trust and dependencies on external systems.
2. Case Studies of Sophisticated, Multi-Stage Attacks
Both incidents share a common pattern: rather than relying on a single bug, attackers executed bold, sophisticated, multi-stage campaigns that weaponized operational blind spots.
3.Shifting Risk Landscapes and Defense-in-Depth
The DeFi risk paradigm is shifting away from simple code exploits toward comprehensive trust-design vulnerabilities encompassing operations and data verification. Moving forward, standard configuration audits alone are insufficient. Implementing a defense-in-depth (multi-layered) strategy—including EDR deployment, device isolation, and security awareness training—is imperative to eliminate any openings for attackers.
In April 2026, two hacking incidents that shook the DeFi ecosystem occurred in quick succession. "Drift" and "Kelp" were attacked, each resulting in the loss of approximately $300 million in assets.
Many readers might immediately think of flaws in smart contracts when hearing about such incidents. However, what stood out in these cases was that "DeFi still relies on human trust and dependence on external systems." The problem extended beyond the code itself to the operational aspects and the design of the connections.
This article will examine where the focus of risks facing DeFi today has shifted, based on the Drift and Kelp incidents.