Drift Announces a $147.5 Million Recovery Pool Backed by Tether and Partners

MarsBit

Release Time: 04/16/2026 13:16:27

Summary

Drift Protocol has launched a $147.5 million recovery pool with support from Tether and partners. Tether is contributing $127.5 million, while other backers are adding $20 million. The plan includes a $100 million revenue-linked credit facility, ecosystem growth grants, and loans to market makers. Recovery tokens will be issued to affected users, backed by the pool. The protocol update involves audits by Ottersec and Asymmetric, along with a migration from USDC to USDT. The earlier attack stole $295 million, but the insurance fund remains intact.

Huo Xing Cai Jing reports that Drift has posted on its official website that Drift Protocol has received support from Tether and other partners, with Tether planning to contribute $127.5 million and other partners planning to contribute $20 million to jointly support user recovery efforts. The support package 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 $295 million in outstanding user losses as trading revenues grow. Additionally, Drift will issue independent recovery tokens to affected users, representing transferable claims on the recovery pool. Drift is currently restarting the protocol, has engaged Ottersec and Asymmetric for audits, and will migrate its settlement layer from USDC to USDT. The previous attack resulted in the theft of approximately $295 million in assets, while the insurance fund remained unaffected.

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