Cointelegraph reports that Carrot has become the first casualty of the $285 million Drift exploit.
According to Cointelegraph, Carrot’s total value locked collapsed 93% in one month, falling from $28 million to $1.99 million. The news outlet adds that this drop left the protocol financially unable to continue.
Carrot now joins the growing list of DeFi platforms that have faced sharp liquidity stress after security incidents. In this case, the reported impact is simple and blunt. TVL drains fast, and the protocol runs out of runway.
Cointelegraph frames the Drift exploit as the trigger, and the numbers it cites describe the outcome. If those figures hold up, Carrot failed not from slow attrition, but from a rapid loss of funds and confidence following the incident.