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Wasabi Protocol

avoid.net/wasabi→18/100·100% conf.
[AI-DRAFTED · AWAITING VERIFICATION][src:zachxbt][admin-key-exploit][base][berachain][blast][defi][ethereum][leveraged-trading][memecoin][nft-fi][options][perps][tornado-cash][uups-upgrade]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·5wrNnq…p8Pf

Summary

Wasabi Protocol is a decentralized perpetual futures and leveraged trading platform for memecoins and long-tail assets, deployed on Ethereum, Base, Berachain, and Blast. On April 30, 2026, the protocol suffered a critical multi-chain exploit in which a compromised admin deployer key was used to execute malicious UUPS proxy upgrades across core contracts, draining over $5 million in user funds. Security firm BlockSec reported that the attacker's wallets had been funded via Tornado Cash, and on-chain investigator ZachXBT publicly criticized the protocol for single-EOA admin control, absence of a timelock or multisig, and alleged misappropriation of project funds on influencer marketing.

Connected Entities

8 entities · 60 linked investigations
Organizations
□Ethereum64□Drift□Pudgy Penguins□Solana□ZachXBT
Protocols
⌂Wasabi Protocol18⌂Drift Protocol
Tokens
♦Bitcoin
Relationships
  • Wasabi Protocol→mentioned with→Bitcoin(60%)
  • Wasabi Protocol→mentioned with→Solana(60%)
  • Wasabi Protocol→mentioned with→Drift(75%)
  • Wasabi Protocol→mentioned with→ZachXBT(70%)
  • Wasabi Protocol→mentioned with→Ethereum(80%)
  • Ethereum→mentioned with→Bitcoin(60%)
  • ZachXBT→mentioned with→Ethereum(70%)
  • ZachXBT→mentioned with→Bitcoin(65%)
  • Wasabi Protocol→mentioned with→Pudgy Penguins(80%)
  • Wasabi Protocol→mentioned with→Drift Protocol(80%)
  • + 7 more
Also appears in
Ethereum·64Stake DAO·36Lendf.me·30Levyathan·18Jump Trading·42StableMagnet·2Shibarium·28Bankr·18Nexera·32Sky (MakerDAO)·51+ 50 more
Have evidence about Wasabi Protocol?

Timeline(6 events)

18 June 2024

Wasabi Protocol raises $3 million seed round led by Electric Capital, with participation from Alliance, Memeland, and several prominent crypto investors and influencers.

30 April 2026

Wasabi Protocol suffers a multi-chain admin key compromise exploit. Attacker uses compromised wasabideployer.eth key to grant ADMIN_ROLE to a malicious contract and execute UUPS upgrades on core contracts across Ethereum, Base, Berachain, and Blast, draining over $5 million.

30 April 2026

BlockSec Phalcon system alerts on $5.15M in abnormal Wasabi Protocol fund movements, reporting that preliminary traces link Tornado Cash-funded accounts to the ADMIN_ROLE grants used in the attack.

30 April 2026

CoinDesk reports the exploit as an apparent admin key compromise, estimating $4.5 million drained. The Block puts the figure at over $5 million based on multi-chain totals from security firms.

30 April 2026

ZachXBT publicly criticizes Wasabi Protocol's single-EOA admin architecture and alleges project funds were spent on influencer marketing (including KOL Kook) rather than security infrastructure.

May 2026

Halborn publishes a technical post-mortem confirming root cause as private key security failure and governance design, not exploitable smart contract code. Attacker address 0x02228b0afcdbEdf8180D96Fc181Da3AF5DD1d1ab identified.

Provenance & Audit Trail
Anchored on SolanaVerify on-chainsrc:zachxbt

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (1 event).

full audit log →version history →

model: claude-sonnet

generated: 5/4/2026, 4:04:56 PM

last updated: 8/29/2026, 1:35:09 AM

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