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Drift announces user recovery plan for $295 million North Korea hacker attack
Golden Finance reports that on May 6th, Drift Protocol announced a user recovery plan for the security breach on April 1st involving approximately $295 million, which was attributed to North Korea-backed hackers.
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 initial funds in the recovery pool are about $3.8 million, and it 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 USDC and launched a public bounty for recovering 10% of the assets.
Drift plans to relaunch on an exchange with a “security-first” approach in the second quarter.
Legal recovery efforts are still ongoing.