Ryan Sean Adams

This is a blockchain analytics firm.

It's used by governments, major exchanges.

Their goal is really to trace illicit

crypto.

He's an expert in all of these things.

He's had 11 years prosecuting national security money laundering cases at the DOJ.

He's been a senior advisor at the Treasury.

He's probably the single most authoritative voice that we found in the world on illicit finance and crypto.

So we are here to learn a few things.

Ari, welcome to Bankless.

Hey, Ryan.

Thank you so much for having me.

I almost don't know where to start.

So in April, it was the highest ever purported DeFi cases of hacks.

Let's actually start with the Drift hacked, okay?

So to give some context to listeners, on April 1st, North Korea drained $285 million from a protocol.

This is a Perps protocol called Drift.

They did this in 12 minutes.

Last week, your team published a report saying these two accounts, this Drift report account and then the KelpDAO one that we saw two weeks ago, accounted for 76% of all the 2026 hack value so far.

And what was eerie about the Drift hack to me as I was reading about this was it seemed like North Korea, who we'll talk about more later,