TL;DR North Korean-linked threat actors pulled off a $285M heist against crypto exchange Drift using IN-PERSON social engineering. They deployed proxies to global conferences to befriend Drift contributors, spent 6 months building a relationship as customers, and even deposited $1M of their own funds to prove they were legitimate.
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Here is what happened:
🔹 Starting in the fall of 2025, a group of individuals (later linked to North Korea) started attending international crypto conferences, with a goal in mind. These proxies were technically fluent, had fully constructed professional identities, with employment histories, and looked nothing like a North Korean.
🔹 This group, posing as employees of a quantitative trading firm, first 𝐚𝐩𝐩𝐫𝐨𝐚𝐜𝐡𝐞𝐝 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐃𝐫𝐢𝐟𝐭 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬 𝐚𝐭 𝐚 𝐦𝐚𝐣𝐨𝐫 𝐜𝐫𝐲𝐩𝐭𝐨 𝐜𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐟𝐚𝐜𝐞-𝐭𝐨-𝐟𝐚𝐜𝐞. They wanted to discuss integrating with the platform.
🔹 After the initial discussions, they moved their conversations to Telegram, where they spent months discussing legitimate trading strategies.
🔹 "What a pleasant coincidence running into you again!"
Over the next 6 months, the attackers deliberately sought out these same contributors at multiple global conferences. They wanted to continue building trust and credibility.
🔹 Dec. 2025 - Jan. 2026: To checkmate the game, the group onboarded an Ecosystem Vault on Drift. They engaged with the Drift contributors in working sessions, asked relevant & informed questions and eventually, they 𝐝𝐞𝐩𝐨𝐬𝐢𝐭𝐞𝐝 𝐨𝐯𝐞𝐫 $1 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐨𝐰𝐧 𝐟𝐮𝐧𝐝𝐬 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐩𝐫𝐨𝐭𝐨𝐜𝐨𝐥.
🔹 (excerpt from Drift's Incident Update): "Integration conversations continued through February & March 2026. (...) By this point, the relationship was nearly half a year old. 𝐓𝐡𝐞𝐬𝐞 𝐰𝐞𝐫𝐞 𝐧𝐨𝐭 𝐬𝐭𝐫𝐚𝐧𝐠𝐞𝐫𝐬; 𝐭𝐡𝐞𝐲 𝐰𝐞𝐫𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐃𝐫𝐢𝐟𝐭 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬 𝐡𝐚𝐝 𝐰𝐨𝐫𝐤𝐞𝐝 𝐰𝐢𝐭𝐡 𝐚𝐧𝐝 𝐦𝐞𝐭 𝐢𝐧 𝐩𝐞𝐫𝐬𝐨𝐧. (...) Links were shared for projects, tools, and apps they claimed to be building"
🔹 𝐀 𝐫𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩 𝐡𝐚𝐝 𝐛𝐞𝐞𝐧 𝐞𝐬𝐭𝐚𝐛𝐥𝐢𝐬𝐡𝐞𝐝, 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬 𝐝𝐢𝐝𝐧'𝐭 𝐭𝐡𝐢𝐧𝐤 𝐭𝐰𝐢𝐜𝐞 𝐰𝐡𝐞𝐧 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥𝐥𝐲. Drift presumes there may have been multiple technical attack vectors: One contributor may have been compromised after cloning a code repository shared by the group as part of efforts to deploy a frontend for their vault. A second contributor was persuaded into downloading a wallet product via Apple's TestFlight to beta test the app.
On April 1, 2026, as the $285 million was drained, the attackers scrubbed their Telegram chats and vanished.
(Full Incident Background Update from Drift is on X.)












