Drift Protocol has unveiled its relaunch and compensation framework, saying it secured nearly $150 million in strategic support from Tether and other partners to restore operations and help recover user assets. After the announcement, DRIFT rose 20% on the day.
The plan follows the April 1 security incident that hit the Solana-based perpetuals exchange. Drift said the attack drained $285 million in user assets from protocol vaults within 12 minutes through social engineering and abuse of administrator privileges, rather than a smart contract exploit. The stolen assets included USDC, JLP and cbBTC, and the platform halted deposits and withdrawals after the breach.
Tether leads with up to $127.5 million
According to Drift, Tether is the main backer in the package, committing up to $127.5 million. That support includes a $100 million revenue-linked credit facility, ecosystem grants and loans for market makers. Other partners are contributing about $20 million.
One of the central terms of the arrangement is a full shift in settlement assets once Drift goes live again. The protocol said it will replace USDC with USDT as its core settlement asset. Tether will also provide USDT facilities directly to designated market makers so the exchange can reopen with stronger liquidity and order-book depth.
Recovery pool and tradable token for affected users
For user compensation, Drift is not offering an immediate full repayment. Instead, it outlined a structured recovery route built around a dedicated User Recovery Pool. A significant share of the exchange’s future revenue will be directed into that pool during the initial phase, alongside capital pledged by partners and any stolen funds recovered through work with law enforcement.
Drift also plans to issue a new Recovery Token to users affected by the April 1 incident. The token will be freely transferable and tradable, giving users a way to access liquidity before the recovery process is complete. The protocol said more details on the token’s economics will be released soon.
Audit requirements and new multisig controls
Before relaunching, Drift said every component of the protocol must pass independent audits by OtterSec and Asymmetric Research. It also plans to introduce a new community-governed multisig structure to manage core protocol assets.
Under the new security rules, all multisig signers will be required to use dedicated physical signing devices. Each signature must also be verified through an independent external channel before execution. Drift said this is aimed at reducing single-point failure and social-engineering risk as it prepares to reopen.