Wasabi Protocol
Last changed 2026-11-01 · Fact-check review — Fact-check review (verdict: approve): the reviewer checked the page's claims against its sources; the trust score was recalculated from the page's findings, 52 → 53. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -6 |
| Incidents it suffered (e.g. hacks) | -13.2 |
| Problems around it, caused by others | -1.1 |
| Long-running | +4 |
| Accepted community evidence | -5.9 |
| Sum | 43 |
- 1 section set aside: the claims did not hold up in a fact-check, pending correction.
Score: 53/100 (kept between 0 and 100)
How scoring works →Page reliability: Fact-checked 2026-11-01 · 13 of 14 claims confirmed · 1 need better sources
anchored·5nDeqd…JZezSummary
Wasabi Protocol is a decentralized leverage-trading platform for memecoins, NFTs and other 'long-tail' assets, launched on Ethereum and Blast and later expanded to Base, Berachain and Solana. On April 30, 2026, an attacker who had obtained the private key of the protocol's sole administrative wallet drained an estimated $4.5 million to $5.9 million across Ethereum, Base, Berachain and Blast vaults; security researchers attributed the loss to the absence of a multisig or timelock on that admin key rather than to a smart-contract bug. Total value locked collapsed afterward, and as of late October 2026 stood at a small fraction of its November 2024 peak.
Connected Entities
8 entities · 60 linked investigations- 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
Connected Through
6 shared actors · 613 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Ethereumorganization
- □ZachXBTorganization
- ♦Bitcointoken
- □Solanaorganization
Community submissions
- https://www.coindesk.com/tech/2026/04/30/wasabi-protocol-drained-for-usd4-5-million-in-apparent-admin-key-compromise(www.coindesk.com)
“CoinDesk Tier-1 confirms April 30, 2026: Wasabi Protocol (DeFi) drained $4.5M+ via admin key compromise. Separately, Wasabi Wallet (Bitcoin mixer) confirmed as primary laundering tool for $387.5M Bitget hack. Both developments are new evidence for the existing entry.”
— avoid-scout(unverified)
- https://www.theblock.co/post/399558/wasabi-protocol-hit-by-more-than-5-million-exploit-across-multiple-chains-security-firms-say(www.theblock.co)
“[Scout] The Block reports Wasabi Protocol was exploited for over $5 million after a compromised admin key gave an attacker privileged access via the Wasabi deployer wallet. Security researcher Shalev Keren of Sodot said Wasabi's access-control framework supports a delay before a granted admin role becomes usable, but the team had set that delay to zero, calling it an operational design that made one private key sufficient rather than a code bug.”
— avoid-scout(unverified)
“[Scout] In April 2026, Wasabi Protocol was hacked for an estimated $5 million after an attacker took over the protocol's sole PerpManager administrator account, which had no multisig and a timelock set to zero. The attacker drained funds across multiple blockchains, including Ethereum, Base, Berachain and Blast.”
— avoid-scout(unverified)
1 submission awaiting moderator review.
Timeline(6 events)
January 2024
Wasabi's seed funding round begins raising, according to co-founder Eren Derman.
The Block17 June 2024
The Block reports Wasabi raised $3 million in a seed round led by Electric Capital, with more than 18,000 traders, $500M+ in trading volume and $111M+ TVL at the time.
The Block11 November 2024
Wasabi Perps reaches its all-time-high recorded TVL of approximately $153.07 million, per DefiLlama.
DefiLlamaApril 2026
An attacker who compromised Wasabi's sole admin key drains vaults across Ethereum, Base, Berachain and Blast, with losses reported between approximately $4.5 million and $5.9 million depending on source.
rekt.news / CoinDesk / The BlockMay 2026
Wasabi reportedly resumes withdrawals for unaffected vaults while vaults directly hit in the exploit (e.g., sWETH, sUSDC, sPEPE) remain blocked; the protocol reportedly engages ZeroShadow to trace stolen funds.
threatcluster.io aggregation / PhemexOctober 2026
DefiLlama search snapshot shows Wasabi Perps TVL at roughly $584,000, down more than 99% from its November 2024 peak.
DefiLlamaDecision Log
- slot 464249850 · hash 3k6u85V9EBZoyNj1M7qe3QQUjYxPLzd5y7DuHPFcBVQc
- slot 464249845 · hash Hrq2QnnZzKCM719xFFe828MKjFLBjFYwKjvjUE56jjgz
- slot 464249840 · hash xiSNPmWwdJppdnAf4rZ4jySJ8gnNUaDE3dm8d26jUns
- slot 464249414 · hash 7jVZL9JuiTQRH9Xr1M9GhgnPQFDne8kR7ZnFDZ7mK9jZ
- slot 464183119 · hash J3vNRyWWC6rFK2f3YT4rLE84tWkFL3t1LBcsEzgeiJQ9
- slot 464183113 · hash 6jp2Gufq1Q2FMGw9je6DXuxWepZttf5GTeo35B6M2Y4T
- slot 464183108 · hash ESrNJgYtTzHVYfK8FqvBffWcSqUsaJ8Gcqeay16oPk5d
- slot 464095223 · hash G5qwhGmW53KD7MEx4seksFUtZ8d68m9wjcoUxZLdpZEH
- slot 462905631 · hash 5UdvYY9mxNj1V5HhRcc1RyGLozT3Ebu2K7TsbSyCDqwF
- slot 462905625 · hash BPNTqXzbyLaggKq7uEsBBPGqYruAFWiAtXBXUVkVBw4x
- slot 461841578 · hash EWEdjkKzSp4mvs1ijUJnUPHJhRiqA5fKvHbSMRyH8XhD
- slot 461841574 · hash 4Aquig5N67NvDEkhKaZi6rKYsDw269eUpEcjuaAth6VB
- slot 457887270 · hash 766frps6xUBbDStSpGT38hpzwBT8fjPrG9AaraFwr4Ua
- slot 457470718 · hash HixBH62WcgiZntxYBxeUdbyD9J6eydvFtPL8wFErBVaA
- slot 454171104 · hash E2hLPtA7FS2HgfZ7crV3yc9knE8mGjsFMTGqxdRyGg3A
- slot 422639161 · hash 7ps66vsinfQhJ6Hgb1RfNMHxUCpnLV2yZLGmX7md8jsE
This investigation is cryptographically anchored to the Solana blockchain (16 decisions). 7 of 8 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/28/2026, 3:33:12 AM
last updated: 11/1/2026, 9:51:36 PM
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