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Tether plans to invest up to $127.5 million to assist with data recovery after the Drift vulnerability attack.
Deep Tide TechFlow News, April 16, According to an official announcement, Drift Protocol announced that it has reached a partnership with Tether and other partners. Tether plans to invest up to $127.5 million, and other partners plan to contribute $20 million to support data recovery for users following the vulnerability attack incident on April 1. The support plan includes a $100 million revenue-linked credit line, ecosystem grants, and loans provided to market makers.
In the initial phase of the partnership, most of the exchange’s revenue and committed support funds will be used to establish a dedicated user recovery fund pool. As the exchange’s revenue grows, this mechanism aims to gradually address the current outstanding user losses of up to $295 million. Drift has been actively cooperating with law enforcement agencies and blockchain forensic partners to track and recover stolen assets. Any recovered funds will be injected into the recovery fund pool.