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One platform for global traditional assets
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Drift Releases $295M User Recovery Plan After April 1 Security Incident
Drift released a recovery plan for about $295.4 million in verified user losses from its April 1 security incident. Drift plans to issue receipt tokens worth $1 for each dollar of verified losses, with redemptions tied to the size of the recovery pool. The recovery pool starts with about $3.8 million and could receive up to $127.5 million from exchange revenue and Tether-backed funds plus up to $20 million from partners.