Drift: Supported by Tether and Others to Establish $147.5 Million Recovery Pool

Odaily Planet Daily reports that Drift has published an announcement on its official website stating that Drift Protocol has received support from Tether and other partners. Tether plans to contribute $127.5 million, while other partners plan to contribute $20 million, jointly supporting user recovery efforts following the April 1 attack. The support plan includes a $100 million revenue-linked credit facility, ecosystem grants, and loans provided to market makers. Drift will establish a dedicated user recovery pool aimed at gradually resolving the $295 million in outstanding user losses as transaction revenue grows. Additionally, Drift will issue independent recovery tokens to affected users, which represent claims on the recovery pool and are transferable. Currently, Drift is undergoing a protocol reboot and has hired Ottersec and Asymmetric for auditing. The settlement layer will be migrated from USDC to USDT. The previous attack resulted in approximately $295 million worth of assets being stolen, while the insurance fund assets remained unaffected.