BlockBeats News, April 16th. Drift announced that Drift Protocol has received support from Tether and other partners. Tether is planning to contribute $127.5 million, while other partners are planning to contribute $20 million to jointly support user recovery efforts after the April 1st exploit. This support package includes a $100 million revenue-based lending credit line, ecosystem grants, and loans provided to liquidity providers. Drift will establish a dedicated user recovery pool, intended to gradually address $295 million in outstanding user losses as transaction fees accrue.

In addition, Drift will distribute separate recovery tokens to affected users, which represent claims on the recovery pool and are transferable. Currently, Drift is undergoing a protocol reboot, has engaged Ottersec and Asymmetric for audits, and is migrating the settlement layer from USDC to USDT. The previous exploit resulted in the theft of approximately $295 million in assets, while the insurance fund remains unaffected.