Recovery Plan

Reflect

2026-07-02 15:45:59

Reflect Launches Independent On-Chain Recovery Plan for USDC+ Holders Affected by Drift Hack with Palindrome Engineering

Stablecoin protocol Reflect has announced an independent voluntary recovery plan for USDC+ position holders affected by the April hack of Drift (now Velocity). Backed by Palindrome Engineering with pre-funded capital, the plan offers a 180-day window for holders to sell their positions at 0.20 USDC plus 80 Reflect Credit (RC) per unit, settled entirely on-chain. Participants waive claims against Drift in exchange for immediate deterministic liquidity, while non-participants can still support Drift's DFX recovery channel. This initiative provides two clear paths for affected USDC+ users and showcases innovative post-incident recovery mechanisms within DeFi.

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Reflect

2026-07-02 15:45:59

Reflect Launches Independent Voluntary Recovery Plan for USDC+ Holders Affected by Drift (Velocity) Hack

Stablecoin protocol Reflect announces an independent voluntary recovery plan for USDC+ position holders affected by the April hack of Drift (now Velocity). The plan offers a 180-day window, allowing holders to sell their positions to Palindrome Engineering at 0.20 USDC + 80 Reflect Credit (RC) per unit, with full on-chain settlement. Participants must waive claims on Drift in exchange for immediate liquidity; non-participants can still support Drift's DFX recovery channel. Palindrome has pre-funded the plan, which is completely independent of Drift's own recovery process.

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