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Drift announces April vulnerability compensation plan, will issue Recovery Token and plans to restart the exchange in Q2

WuSaidBlockchainW
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Wu said that Drift Protocol announced a recovery plan after the April 1st vulnerability incident, stating that all affected wallets will receive Recovery Tokens, representing their verified losses and proportional claims to the recovery fund pool, where 1 Recovery Token equals 1 USD of verified loss.
The initial funds in the recovery pool are approximately 3.8 million USD, sourced from the protocol’s remaining assets and converted into USDT, with subsequent increases through a portion of exchange net income, partner capital, and Tether’s maximum deployment of 127.5 million USD.
Drift stated that once the fund pool exceeds 5 million USD, redemptions will be opened, allowing users to redeem at any time, but early redemption will forfeit remaining claim rights.
Previously, Drift Protocol experienced a theft of 280 million USD.

DRIFT-3.45%
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