a16z-Backed Reflect Protocol Launches Independent Voluntary Recovery Plan for Drift Hack Victims, Offering 0.2 USDC + 80 RC per Unit

Reflect, a stablecoin protocol backed by a16z, has announced an independent voluntary recovery plan for USDC+ position holders affected by the April hack of Drift (now Velocit). The plan, executed by Palindrome Engineering, opens a 180-day window starting immediately. Holders can voluntarily sell their positions at 0.2 USDC + 80 Reflect Credit (RC) per unit, fully settled on-chain. Participants forfeit claims against Drift for immediate liquidity; non-participants retain access to Drift's DFX recovery channel. This move provides an alternative liquidity solution for victims, reducing uncertainty following the hack.