Crypto · DL News
Other unnamed pairs with are proposed to contribute $20M, the statement noted
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Tether did not immediately respond to questions from DL News.
Key facts
- Additionally, as part of the relaunch, Drift will transition its settlement asset from USDC to USDT, bringing more than 128,000 users and over 35 ecosystem teams onto USDT-based trading
- Hackers believed to be from North Korea hacked Drift this month for nearly $300 million
- Tether said Thursday that it would give Drift Protocol $127.5 million as part of the recovery plan
- But the $127.5 million deal means Drift will make Tether’s USDT its settlement asset
Summary
Tether will donate money to Drift Protocol after the exchange was hacked. Hackers believed to be from North Korea hacked Drift this month for nearly $300 million. But the recovery plan has one condition: The deal, aimed at recovering the lost $286 million, means that Drift will use Tether’s USDT as its main stablecoin — and not arch-rival Circle's USDC. “Additionally, as part of the relaunch, Drift will transition its settlement asset from USDC to USDT, bringing more than 128,000 users and over 35 ecosystem teams onto USDT-based trading.” Hackers on April 1 drained over $286 million from the Solana-based trading platform. Tether said Thursday that it would give Drift Protocol $127.5 million as part of the recovery plan. The recovery process Drift Protocol said in a plan that it would use the cash to fund a recovery pool for user losses — now at $295 million.
They met them in person at conferences and pretended to be from a legitimate trading organisation. The cybercriminals then tricked multisig signers into signing transactions they did not fully understand, handing over admin control.