Tether is launching a recovery program for Drift Protocol. This involves compensating losses after the $280 million hack in early April.
The total fund volume will be $150 million. The main part, $127.5 million, will be provided by Tether, while the rest will come from partners whose names are not disclosed.
Recovery Will Be Tied to Platform Activity
The key feature of the program is the payout mechanism. The funds will not be distributed immediately. The restoration of user balances will be tied to trading activity on the platform.
Drift will gradually return funds as operations resume. This changes the approach. Instead of a one-time compensation, a model tied to future revenue is used.
Drift Relaunches With a New Settlement Asset
After the hack, the platform is revising its infrastructure. Drift will abandon the use of USDC and switch to USDt.
This decision is directly related to Tether’s role in the recovery. The new settlement asset will become part of the updated operating model. This step also reflects changes in trust within the market.
The Hack Was One of the Largest of the Year
The attack on Drift led to the loss of about $280 million. A significant portion of the funds was withdrawn through cross-chain infrastructure.
According to on-chain analysts, more than $230 million in USDC was transferred from Solana to Ethereum via a bridge. The operations took place over several hours. This provided an opportunity for intervention, but it did not happen.
Pressure on Circle Intensified
After the incident, criticism fell on the USDC issuer. The company was accused of not blocking addresses associated with the attack.
Despite a long period of malicious activity, the funds were not frozen. This became one of the main questions after the hack. The market reacted quickly. The company’s shares temporarily fell by about 10%, but later recovered and rose by 20%.
Connection Between the Attack and Cyberthreats
Analysts link the attack to organized groups. There are theories about the involvement of North Korean entities. The funds were moved through dozens of transactions, making tracking and blocking more difficult. Such schemes are becoming increasingly complex and systematic.
A New Trend in the Industry
The situation with Drift shows a change in crisis management approaches. Major companies are beginning to participate in the recovery of affected platforms.
This forms a new practice. Instead of total collapse, projects get a chance to relaunch. However, this model works only if there are strong partners.
What This Means for the Market
Tether’s decision strengthens its position in the industry. The company is not just a stablecoin issuer, but a participant in key market processes.
At the same time, competition among stablecoins is increasing. Drift’s switch to USDt is an important signal. It shows that trust in infrastructure is becoming a critical factor.
What Comes Next?
The relaunch of Drift will be a test for the new recovery model. If the mechanism works, it could become a market standard. Otherwise, risks for users will remain high, especially in the decentralized platform segment. The market is now watching the outcome. The resilience of the entire system after major hacks depends on it.
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