BlockBeats News, April 16th, Drift announced that Drift Protocol has received support from Tether and other partners. Tether is planning to contribute $127.5 million, while other partners are planning to contribute $20 million to jointly support the user recovery efforts after the April 1st attack. This support package includes a $100 million revenue-based credit line, ecosystem grants, and loans provided to liquidity providers. Drift will establish a dedicated user recovery pool designed to gradually address $295 million in outstanding user losses as transaction revenue grows.
In addition, Drift will distribute independent recovery tokens to affected users. These tokens represent a claim on the recovery pool and are transferable. Currently, Drift is in the process of protocol redeployment, has engaged Ottersec and Asymmetric for audits, and is migrating the settlement layer from USDC to USDT. The previous attack resulted in the theft of approximately $295 million in assets, while the insurance fund assets remained unaffected.
