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Bitcoin sold off in early trading hours at the US stock market open, briefly losing the $75,000 level before rebounding. The abrupt move triggered $120 million in liquidations of leveraged long (buy) BTC futures positions. Despite the volatility, Bitcoin’s funding rate has remained negative, a condition that can signal limited…
Drift Protocol has secured a $147.5 million recovery package after an exploit on April 1. Tether will contribute up to $127.5 million, with additional partners providing $20 million.
The funding is intended to cover $295 million in outstanding user losses. Drift will establish a dedicated recovery pool funded by exchange revenue and committed support funds. As part of the relaunch, the protocol will also shift settlement from USDC to USDT.
Drift Protocol partnered with Tether and other backers to support user recovery following the April 1 exploit. The recovery package is structured to reach the full $295 million owed to users, with Tether providing up to $127.5 million and partners contributing an additional $20 million.
According to the plan, the recovery pool will be funded by exchange revenue and committed support funds, creating an ongoing source of resources for the recovery process.
Drift will issue a dedicated recovery token to users affected by the April 1 exploit. The recovery token is separate from the existing DRIFT governance token and is designed to represent a direct claim on the recovery pool created through the funding package.
The recovery token will be transferable, allowing affected users to hold or trade their claims. This structure is intended to enable market participants to price and move recovery claims as needed.
After the relaunch, Drift will settle transactions in USDT instead of USDC. The switch is described as aligning with Tether’s involvement and reducing reliance on a competing stablecoin, while also streamlining operations by using the currency backed by the primary funder.
The combination of the recovery token issuance and the USDT settlement shift is expected to change how Drift operates going forward. The measures are presented as direct responses to the April 1 exploit and are intended to establish a clearer operational framework as the protocol prepares to resume services.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
