Drift secures up to $150 million from Tether and partners for exploit recovery and relaunch
Drift said Tether and partners will provide nearly $150 million, including a $100 million revenue-linked credit facility, to fund a user recovery pool and relaunch with USDT at the center after the exploit.
From the sources (17 posts)
@wublockchainTether Commits $127.5 Million to Support Drift Protocol Recovery Drift Protocol has partnered with Tether and other backers to support user recovery following the April 1 exploit. Tether plans to provide up to $127.5 million, with an addit
@tolyRT @DriftProtocol: Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support…
@coindeskEXCLUSIVE: @DriftProtocol, the victim of a recent North Korean exploit, plans to relaunch with @Tether's $USDT as its settlement layer after securing a proposed funding package of up to $147.5 million from the stablecoin issuer and partners
@tayvano_This is an insane masterclass move by Tether holy shit
@driftprotocolToday, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery. These funds encompass a $100M reven
@tetherWhen the industry faces challenges, Tether steps up. 🛡️ We are leading an up to $150M recovery plan alongside the @SolanaFndn to support user recovery and safely relaunch @DriftProtocol Watch the video to see how we're protecting the comm
@cointelegraph🚨 LATEST: Drift Protocol secures up to $127.5M from Tether as part of a $150M recovery plan following its exploit.
@calilyliuSolana 🤝 Tether
@tetherTether Leads Support to the $150M Drift Recovery Plan, Stabilizes Relaunch as Drift Plans to Expand USD₮ Usage on Solana Read more:
@degeneratenewsBREAKING: DRIFT GETS $148 MILLION FUNDING FROM TETHER AND PARTNERS AS IT REPLACES CIRCLE STABLECOIN WITH USDT AFTER MASSIVE EXPLOIT - PER COINDESK SOURCE:
@wublockchainIn addition, Drift will issue a dedicated recovery token to affected users, separate from the DRIFT governance token. The token represents a claim on the recovery pool and is transferable. After relaunch, Drift will settle in USDT instead o
@aggrnewsDRIFT PROTOCOL SECURES UP TO $127.5M FROM TETHER FOR USER RECOVERY: BLOG
@deezeTether does all of this meanwhile what has circle done?
@degeneratenewsNEW: @tether ANNOUNCES IT IS LEADING AN UP TO $150M RECOVERY PLAN ALONGSIDE THE @SolanaFndn TO SUPPORT USER RECOVERY AND SAFELY RELAUNCH @DriftProtocol - “WE ARE PROTECTING THE COMMUNITY, RESTORING CONFIDENCE, AND EXPANDING THE $USDT FOOTPR
@kalshitradeJUST IN: Tether contributes up to $127.5M to Drift for user recovery
@theblockcoBREAKING: DRIFT PROTOCOL SECURES UP TO $127.5M FROM TETHER TO SUPPORT USER RECOVERY AFTER EXPLOIT
@theblockcoDrift secures up to $127 million from Tether for user recovery, pivots from Circle's USDC to USDT after $280 million exploit