coin-img-ETHETH-1.27%coin-img-BTCBTC-0.01%coin-img-SOLSOL+1.18%coin-img-XRPXRP+2.74%coin-img-TOMTOM+1,429.40%coin-img-BENZBENZ+65.25%coin-img-USDCUSDC-0.01%coin-img-DOGEDOGE+2.18%coin-img-ETHETH-1.27%coin-img-BTCBTC-0.01%coin-img-SOLSOL+1.18%coin-img-XRPXRP+2.74%coin-img-TOMTOM+1,429.40%coin-img-BENZBENZ+65.25%coin-img-USDCUSDC-0.01%coin-img-DOGEDOGE+2.18%coin-img-ETHETH-1.27%coin-img-BTCBTC-0.01%coin-img-SOLSOL+1.18%coin-img-XRPXRP+2.74%coin-img-TOMTOM+1,429.40%coin-img-BENZBENZ+65.25%coin-img-USDCUSDC-0.01%coin-img-DOGEDOGE+2.18%coin-img-ETHETH-1.27%coin-img-BTCBTC-0.01%coin-img-SOLSOL+1.18%coin-img-XRPXRP+2.74%coin-img-TOMTOM+1,429.40%coin-img-BENZBENZ+65.25%coin-img-USDCUSDC-0.01%coin-img-DOGEDOGE+2.18%

Drift to Launch $147.5M User Recovery Pool With Tether-Led Backing

Drift Protocol said on its official website that it has secured support from Tether and other partners to fund user recovery. Tether plans to contribute $127.5 million, while additional partners are set to add $20 million, bringing the recovery package to $147.5 million. The package includes a $100 million revenue-linked credit line, ecosystem grants, and loans to market makers. Drift said it will set up a dedicated user recovery pool designed to gradually cover $295 million in outstanding user losses as trading revenues increase. The protocol also plans to issue separate recovery tokens to affected users, representing transferable claims on the recovery pool. Drift said it is restarting the protocol, has engaged Ottersec and Asymmetric for audits, and will migrate its settlement layer from USDC to USDT. The earlier attack led to the theft of about $295 million in assets, while the insurance fund was not impacted.
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