Tether plans to invest up to $127.5 million to support data recovery after the Drift exploit incident.
Foresight News reports that Drift Protocol has announced a partnership with Tether and other partners. Tether plans to contribute up to 127.5 million USD, and other partners plan to contribute 20 million USD, to support users in recovering data following the April 1 vulnerability attack incident. The support plan includes a 100 million USD revenue-linked credit facility, ecosystem grants, and loans to market makers. In the initial stage of the collaboration, most of the exchange's revenue and the committed support funds will be used to establish a dedicated user recovery fund pool. As exchange revenue grows, this mechanism aims to gradually resolve the current outstanding user losses of up to 295 million USD. Drift has been actively working with law enforcement and blockchain forensics partners to track and recover stolen assets. Any recovered funds will be injected into the recovery fund pool.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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