Drift Secures $127M From Tether After $280M Solana Exploit

The package includes a $100 million revenue-linked credit facility from Tether, alongside an ecosystem grant and loans to market makers.

Crypto News

Drift Protocol has secured a proposed recovery package of up to $127.5 million from Tether, the Solana-based trading platform disclosed Thursday. The funds are intended to compensate users affected by its April 1 exploit. An additional $20 million from other partners brings total proposed support to approximately $147.5 million.

The package includes a $100 million revenue-linked credit facility from Tether, alongside an ecosystem grant and loans to market makers. All funds will be directed into a dedicated recovery pool. That pool is designed to cover roughly $295 million in outstanding user losses as exchange revenue accumulates and recovered assets are returned to it over time.

Drift will issue a separate recovery token to distribute claims among affected users. The token is distinct from the platform's DRIFT governance asset. It will represent a proportional claim on the recovery pool and is intended to be transferable, giving users access to liquidity before the pool is fully replenished.

The relaunch will include a shift in Drift's settlement layer from