Wasabi Protocol is a DeFi perpetuals trading platform operating across multiple blockchains including Ethereum, Base, Berachain, and Blast. The exploit targeted its perpetual vaults and LongPool, draining approximately $5 million in user funds according to on-chain security firms Blockaid and PeckShield. The attack was not a smart contract vulnerability in the traditional sense. It was an admin-key compromise, meaning the attacker gained administrative control over the protocol's upgrade mechanism rather than finding a bug in the protocol's trading logic.