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Drift: Supported by Tether and others, plans to establish a $147.5 million recovery pool for user compensation
ME News report, April 16 (UTC+8): Drift stated on its official website that Drift Protocol has received support from Tether and other partners. Tether plans to provide $127.5 million, and other partners plan to contribute $20 million, jointly supporting user recovery work following the April 1 attack incident. The support plan includes a $100 million revenue-linked credit line, ecosystem grants, and loans to market makers. Drift will set up a dedicated user recovery pool, aiming to gradually address $295 million in outstanding user losses as trading revenue grows. In addition, Drift will issue independent recovery tokens to affected users; the token represents a claim on the recovery pool and is transferable. Currently, Drift is carrying out a protocol reboot, has hired Ottersec and Asymmetric to conduct audits, and will migrate the settlement layer from USDC to USDT. The previous attack caused assets worth approximately $295 million to be stolen, and the insurance fund assets were not affected. (Source: ODAILY)