DeFi can’t stop bleeding, and Wasabi Protocol is the latest to find out why.

Wasabi Protocol, a perpetuals trading platform built on Ethereum and Base, was drained of approximately $4.55 million on Thursday after attackers compromised the protocol’s deployer key, security firm Blockaid said in an X post.

The hack is the latest in a month that has produced over $605 million in DeFi losses across at least 12 incidents.

The mechanic was an externally owned account, or EOA, called wasabideployer.eth held the sole ADMIN_ROLE in Wasabi’s permission system.

An EOA is a wallet controlled by a private key, as opposed to a smart contract. Whoever holds the key controls the wallet. Once the attacker had access to the deployer key, they called…