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Drift announces user recovery plan for $295 million North Korea hacker attack
ChainCatcher reports that, according to CoinDesk, Drift Protocol announced a user recovery plan for the approximately $295 million security breach on April 1, which was attributed to a North Korea-backed hacker group.
The core of the recovery plan is to issue receipt tokens representing verified user losses, with each token representing $1 of verified loss, and holders can redeem based on the accumulated value in the recovery pool over time. The recovery pool initially has about $3.8 million, and is expected to grow through exchange revenues up to $127.5 million, Tether support, and partner contributions of up to $20 million, until covering the total loss of approximately $295.4 million.
Drift has frozen about $3.36 million in USDC and launched a public bounty to recover 10% of the assets. Drift plans to relaunch on a “security-first” exchange in the second quarter. Legal recovery efforts are still ongoing.