Odaily Planet Daily reports that Drift has announced 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 contributing $20 million to support user recovery efforts following the April 1 attack. 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 the $295 million in outstanding user losses as trading revenue grows. 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 approximately $295 million in assets being stolen, while the insurance fund remained unaffected.
Drift Announces a $147.5 Million Recovery Pool with Tether Support for User Compensation
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Summary
Drift Protocol has launched a $147.5 million recovery pool with Tether support to compensate users. Tether will contribute $127.5 million, with an additional $20 million from other partners. The plan includes a $100 million revenue-linked credit facility, ecosystem growth grants, and loans to market makers. Drift will issue transferable recovery tokens for the pool. The protocol update includes audits by Ottersec and Asymmetric, and a migration from USDC to USDT. The attack did not impact the insurance fund.
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