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Drift: Plans to establish a $147.5 million recovery fund with support from Tether and others
Drift announced on its official website that the Drift Protocol has received support from Tether and other partners, with Tether planning to invest $127.5 million and other partners planning to invest $20 million to jointly support user recovery.
The support plan includes a $100 million revenue-linked credit line, ecosystem grants, and loans provided to market makers. Drift will establish a dedicated user recovery pool aimed at gradually addressing the $295 million in unpaid user losses as trading revenue grows. Additionally, Drift will issue independent recovery tokens to affected users, which represent a claim on the recovery pool and are transferable. Drift is currently working on the protocol restart, having hired Ottersec and Asymmetric for auditing, and will migrate the settlement layer from USDC to USDT. The previous attack resulted in approximately $295 million worth of assets being stolen, while the insurance fund assets were unaffected.
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