Drift, the Solana-based perpetuals exchange, said Thursday it lined up nearly $150 million with Tether and other partners to fund a relaunch centered on USDT (USDT) and reimbursement for users hit by April's $285 million exploit.
Drift Tether Rescue Package
The package includes a $100 million revenue-linked credit facility, an ecosystem grant, and loans to market makers, the team said on X. Proceeds will seed a dedicated user recovery pool.
Drift described the arrangement as a collaboration to support its path back to trading.
The recovery pool will cover users affected by the April exploit, the team said.
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DeFi Exploit Aftermath
Analysts had flagged user reimbursement as the main hurdle to any Drift relaunch, given the scale of losses. Security firm TRM Labs called timelocks and oracle defense-in-depth the key lessons from the attack.
A credit facility tied to future revenue lets Drift rebuild without diluting its token.
On April 1, attackers drained roughly $285 million from Drift vaults in about 12 minutes, in what TRM and Elliptic attributed to North Korean threat actors. The DRIFT token fell more than 40% during the incident, and the protocol's total value locked dropped from $550 million to under $250 million.
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