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Drift announces user recovery plan after attack incident, will issue recovery tokens and restart the exchange in Q2
Deep Tide TechFlow News, May 6th, according to official disclosures from Drift Protocol, regarding the attack on April 1st, all affected wallets will receive recovery tokens, representing their verified losses and proportional claims to the recovery pool, where 1 recovery token equals 1 USD of verified loss.
The initial funds in the recovery pool are approximately 3.8 million USD, composed of the protocol’s remaining assets converted into USDT, and will be further supplemented through quarterly net income from some exchanges, partner funds, and Tether’s maximum matching deployment of 127.5 million USD. Once the recovery pool exceeds 5 million USD, users can begin to redeem, with the redemption price calculated by dividing the value of the recovery fund by the outstanding supply of recovery tokens.
Drift stated that the insurance fund was unaffected by the attack, and the release of related funds requires governance proposals and DAO voting decisions. The exchange plans to relist in Q2 2026, focusing on perpetual contracts and selected markets, and will replace programs and addresses, rotate keys, rebuild community multisig, remove durable nonces and Earn products, and upgrade operational security.