ChainCatcher report: 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 collectively to support user recovery. 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 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 prior attack resulted in the theft of approximately $295 million in assets, while the insurance fund remained unaffected.
Drift Protocol to Establish a $147.5M Recovery Pool with Tether Support
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Summary
Drift Protocol has announced a $147.5 million recovery pool with Tether and other partners. Tether will contribute $127.5 million, while other backers provide $20 million. The plan includes a $100 million revenue-linked credit facility, ecosystem grants, and loans to market makers. Drift will issue transferable recovery tokens to affected users. The protocol update includes audits by Ottersec and Asymmetric, along with a migration from USDC to USDT. The shift in the settlement layer supports long-term ecosystem growth. The prior attack stole $295 million, but the insurance fund remains intact.
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