Drift Protocol’s Recovery Plan After $295 Million Hack
- On April 1, Solana-based Drift Protocol was hacked, losing $295 million to attackers linked to North Korea.
- Drift Protocol will issue recovery tokens to affected wallets, with each token representing $1 of verified loss.
- Tether committed up to $127.5 million in recovery funds, with strategic partners pledging an additional $20 million.
- Approximately 130,259 ETH, worth roughly $293 million today, remains concentrated across four Ethereum wallets flagged across exchanges.
- The Drift team plans a relaunch in Q2 of a security-focused exchange with leading market makers and a public bounty program for asset recovery.
Drift Protocol is implementing a comprehensive recovery plan after the April hack that drained $295 million from its platform. The plan includes issuing recovery tokens and securing significant financial commitments from Tether and other partners to compensate users fully over time.
Drift aims for a Q2 relaunch as a leaner exchange with enhanced security measures and liquidity support from market makers like Tether. (Source)
