Tether announced a strategic collaboration with Drift Protocol on Thursday, April 16, to support user recovery and facilitate the platform's relaunch following the exploit earlier this month.
The recovery plan is backed by up to $150 million in combined support, including up to $127.5 million from Tether, according to the announcement from the firm. The structure links funding to trading activity on Drift's platform, enabling user balance restoration as the exchange resumes operations and generates revenue.
As the Defiant reported previously, the perpetual futures DEX was hacked for over $270 million in crypto on April 1.
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