Drift: Backed byTether, and others, plans to establish a $147.5 million recovery fund
Svmuu News: Drift announced on its official website that Drift Protocol has secured support from Tether and other partners. Tether plans to contribute $127.5 million, while other partners plan to contribute $20 million, to jointly support user recovery efforts following the April 1 attack.The support plan includes a $100 million revenue-backed credit facility, ecosystem grants, and loans to market makers. Drift will establish a dedicated user recovery pool aimed at gradually resolving the $295 million in outstanding user losses as trading revenue grows.Additionally, Drift will distribute separate recovery tokens to affected users; these tokens represent transferable claims against the recovery pool.Drift is currently undergoing a protocol restart, has engaged Ottersec and Asymmetric to conduct audits, and is migrating its settlement layer from USDC to USDT. The attack resulted in the theft of approximately $295 million in assets; the insurance fund’s assets were not affected.
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Source:Odaily · Source Link
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