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🪧Drift @DriftProtocol announced on their official website that Drift Protocol has received support from Tether and other partners, with Tether planning to invest $127.5 million, and other partners planning to invest $20 million, to jointly support user recovery efforts following the attack on April 1.
This support plan includes a $100 million revenue-linked credit line, ecosystem grants, and loans to market makers. Drift will establish a dedicated user recovery pool aimed at gradually addressing the $295 million in outstanding user losses as trading revenue grows. Additionally, Drift will issue independent recovery tokens to affected users, representing claims on the recovery pool and being transferable. Currently, Drift is in the process of protocol reboot, having hired Ottersec and Asymmetric for audits, and is migrating the settlement layer from USDC to USDT. The previous attack resulted in approximately $295 million worth of assets being stolen, with the insurance fund remaining unaffected.