The Solana-based protocol Drift has raised $148 million from Tether and other partners to recover from a $295 million hack.
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.
— Drift (@DriftProtocol) April 16, 2026
These funds encompass a $100M revenue-linked credit facility, an ecosystem…
The support package includes a $100 million revenue-linked credit line, an ecosystem grant, and loans to market makers.
Initially, a significant portion of the platform's revenue and raised funds will be allocated to a special pool for compensating users. As revenues grow, Drift aims to fully reimburse the losses.
To facilitate payments, the developers will issue a special token for each affected user. This asset will certify the right to claim from the compensation pool. Further details on the mechanics will be provided later, the project team noted.
Following the announcement, the price of DRIFT surged over 21% to $0.05.
Source: CoinGecko.Relaunch
The developers will completely relaunch the protocol. Each component will undergo independent audits conducted by Ottersec and Asymmetric.
Drift will implement multisignature management by the community. Signers will operate on isolated devices, and transactions will be independently verified before signing.
For critical administrative actions, time locks and real-time alerts will be introduced. Long-term one-time numbers will be disabled.
As part of the relaunch, Drift will also switch its base settlement layer from USDC to USDT. Previously, the community criticized Circle, the company behind the stablecoin, for not freezing the stolen funds. The attackers withdrew over $60 million in USDC.
Recall that in early April, the project team revealed details of the hack, which was carried out by North Korean hackers.