Tether announces $150M recovery program for Drift Protocol
The Drift Protocol will use the $150 million to relaunch and restore user funds following a $280 million exploit earlier in April.
Stablecoin issuer Tether, the company behind USDt (USDT), said Thursday it will back a $150 million recovery program for the Drift Protocol decentralized exchange (DEX) following an exploit of the platform in April.
The recovery plan for the $280 million Drift Protocol exploit includes $127.5 million from Tether, with the rest coming from undisclosed partners, according to Tether’s announcement. Tether said:
The Drift Protocol platform will “contribute directly” to the ongoing recovery of user funds as the platform resumes normal trading activity.