Odaily Planet Daily reports that Drift Protocol has unveiled a user recovery plan for the approximately $295 million security breach on April 1, attributed to a North Korea-backed hacking group. Under the plan, Drift will issue receipt tokens representing verified user losses, with each token corresponding to $1 in losses; holders can gradually redeem these tokens based on the size of the recovery pool.
The recovery pool currently has an initial funding of approximately $38 million, with additional funding sources including up to $127.5 million from exchange revenues, support from Tether, and up to $20 million from partners, aiming to cover total losses of approximately $295.4 million. Drift has frozen approximately $33.6 million in USDC and has established a public bounty program offering 10% of recovered assets. The exchange is expected to relaunch in the second quarter under a "security-first" model. (CoinDesk)