Drift

@paoloardoino 🫶

Tether cares

brb im crying we come back stronger

Identifying a path towards recovery has been the sole focus since April 1. The collaboration with @tether and other partners gives us the resources to find that path on an accelerated timeline. businesswire.com/news/home/2026… The structure matters: in the initial phase of the collaboration, a substantial portion of exchange revenue, together with committed support capital, is intended to fund a dedicated user recovery pool. This collaboration is the first major step in rebuilding stronger than before. We’ve outlined important details in an Incident Recovery Update here: drift.trade/updates/incide…

After April 1, we put our heads down and committed to making this right for our users and partners. Today, we're announcing a collaboration with @tether and other partners, through which they are proposed to contribute up to $147.5 million combined to support user recovery and facilitate the Drift Protocol relaunch. The collaboration is structured around a clear, revenue-driven recovery mechanism designed to prioritize users from day one through a revenue-linked credit facility, an ecosystem grant, and loans to market-makers. During the initial phase of the collaboration, a substantial portion of exchange revenue, together with committed support capital, is intended to fund a dedicated user recovery pool. The willingness of @paoloardoino, Tether and our partners to commit real capital to Drift’s recovery says something about the strength of what we've built and what we're building next, as well as our shared vision to scale the Solana DeFi ecosystem together. We are committed to continuing to provide transparency rooted in accountability as we build Drift back stronger in the coming months, and have outlined initial steps towards relaunch and user recovery in this Incident Recovery Update: drift.trade/updates/incide… Full details from @DriftProtocol: businesswire.com/news/home/2026…

When the industry faces challenges, Tether steps up. 🛡️ We are leading an up to $150M recovery plan alongside the @SolanaFndn to support user recovery and safely relaunch @DriftProtocol Watch the video to see how we're protecting the community and expanding $USDT on Solana. 👇

We told our community we would find a path to recovery. This is that path. This is the first step toward making users whole over time and toward building back stronger than where we were before.

We are publishing an Incident Recovery Update that outlines all of these specific steps towards relaunch and user recovery in more detail. You can read it here: drift.trade/updates/incide…

Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery. These funds encompass a $100M revenue-linked credit facility, an ecosystem grant, and loans to market makers, designed to fund a dedicated user recovery pool. Learn more 👇

Interim Update We recognize the impact this has had across our users and the builders who have integrated with us - many of whom rely on Drift as core infrastructure. We’re actively working on next steps and will share more once details are finalized.

Drift is actively working with @asymmetric_re, and @osec_io to consolidate a coordinated recovery plan. Our immediate focus is to stabilize the situation and provide protocol-level assurance to all affected users and partners. Drift will also be participating in the STRIDE program by @SolanaFndn as part of strengthening our long-term security posture. We’re aligning closely with leading ecosystem security teams to ensure a structured and thoughtful path forward. Further updates will be shared soon.

🚨 CLARIFICATION: $DRIFT wallet attribution @DriftProtocol has confirmed the wallet referenced in our earlier post belongs to an investor, not the team. We’re issuing this correction to ensure accurate attribution and avoid any confusion. We appreciate the clarification and will continue tracking the flows. - Onchain Lens Team

To emphasize for full clarity, all multi-sig signers are cold wallets.

I beg everyone in crypto to read this in full. I expected this to be another case of social engineering, likely some recruiter/job offer shit. I was very wrong. And the depth of the operation and personas makes me think they already have multiple other teams on lock. 😳

pretty crazy if true tl:dr - hackers casually gained trust via irl conference meet, setup tg channel and became a customer, started building integrations over 6 months and then got one person with a testflight link to show off what they built