- The Drift Protocol team received from Tether $127,5 million compensation offer.
- After the recovery, the exchange will replace its settlement assets from USDC from Circle to USDt from Tether.
USDT stablecoin issuer объявил about supporting the $150 million recovery program for the decentralized exchange (DEX) Drift Protocol after the platform was hacked in April. according to experts According to cybersecurity specialist PeckShieldAlert, the incident affected more than 50% of the exchange’s assets.
It is known that the plan to compensate for damage from exploit amounting to $280 million, includes $127,5 million from TetherThe remaining portion will be allocated by unnamed partners.
Instead of relying solely on initial capital, the structure ties funding and repayments to ongoing trading activity on the Drift platform, allowing user balances to be restored as normal exchange operations resume, the exchange reported. Tether.
Drift Protocol will “directly contribute” to the refund process for users as normal trading activity resumes on the platform. The exchange will also replace its settlement asset from Circle’s dollar-pegged USDC stablecoin to USDt. Tether.
Previously edited Happy Coin News Reported, that crypto industry representatives criticized Circle for failing to freeze USDC wallets associated with the Drift protocol exploit, despite the company having several hours to take action.
Dissatisfied crypto investors filed against Circle A class action lawsuit accusing the company of effectively helping criminals launder stolen funds. Circle, however, explains its inaction by citing a lack of legal grounds for blocking USDC.
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