SlowMist Says Drift Multisig Change Preceded Exploit and Admin Compromise
According to SlowMist, the project changed its multisig (shared wallet requiring multiple approvals) to 2/5 without a timelock (delayed execution safeguard) about a week before the attack.
Summary
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Terms & Concepts
multisig: A shared wallet or control system that requires multiple authorized approvals before a transaction or administrative action can be executed.
timelock: A delay mechanism that gives users and monitors time to review or react before sensitive on-chain changes take effect.
oracle: A blockchain data service that feeds external information, such as asset prices, into smart contracts (self-executing blockchain code).