Wasabi Protocol Loses $5.5M in Coordinated Multi-Chain Exploit 

Perpetuals trading platform, Wasabi Protocol, has suffered a coordinated exploit resulting in the theft of approximately $5.5 million from its systems. The exploit drained funds from the protocol’s liquidity pools across the Ethereum, Base, Blast, and Bera networks.

On-chain data reveals that a compromised deployer key enabled privileged contract execution across multiple chains within a tightly timed operational window. Blockchain explorers are currently tracking the movements of the stolen funds.

#PeckShieldAlert @wasabi_protocol has been exploited for $5M+ across multiple chains, including Ethereum, Base, Berachain, & Blast. pic.twitter.com/zkWjEkZMMp

— PeckShieldAlert (@PeckShieldAlert) April 30, 2026

Wasabi Protocol Attacker Seizes Admin Deployer Key

Analysis of the exploit reveals that the Wasabi deployer wallet acted as a central authority controlling vault pools and upgradeable contracts. Attackers likely gained access to this key, allowing them to perform privileged functions. This includes deposits, withdrawals, and contract upgrades across various blockchains.

Additionally, the use of upgradeable proxy contracts enabled the attackers to modify execution paths. This facilitated the rapid extraction of funds from the project’s liquidity reserves. Ethereum transaction data suggests that the initial trigger came from an administrative call that unlocked system-wide permissions, enabling malicious execution. 

Subsequent transactions on Base Blast and Bera exhibited the same operational pattern. The stolen funds were then observed moving through interconnected vault contracts and liquidity pools before being redirected to external wallets. Some of the drained assets include WETH, PEPE, AERO, NEIRO, sUSDC, and more.

Notably, each blockchain demonstrated similar withdrawal patterns, suggesting the use of automated execution scripts rather than manual interactions by multiple independent actors. As a result of the exploit, the Base LongPool and ShortPool contracts experienced significant reductions in liquidity.

Wasabi Team Responds 

Shortly after the breach, the Wasabi team released an official statement. They stated that they are currently investigating the hack and urged users to avoid interacting with Wasabi contracts.

We’re aware of an issue and are actively investigating.

As a precaution, please do not interact with Wasabi contracts until further notice.

We’ll share an update as soon as we have more information. Thanks for your patience.

— Wasabi Protocol 🟢 (@wasabi_protocol) April 30, 2026

Following the hack, Wasabi saw a sharp drop in its total value locked, according to DeFiLlama data. The exploit has raised concerns about centralized-control risks in decentralized finance protocols that rely heavily on single-deployer administrative structures today. 

Users reacted with uncertainty, as Wasabi previously promoted high-volume activity, which is now overshadowed by questions about its security architecture and key management practices. Market sentiment remains cautious as participants await confirmation on whether any recovery mechanisms or asset freezes can be initiated soon.

The post Wasabi Protocol Loses $5.5M in Coordinated Multi-Chain Exploit  appeared first on CoinTab News.