Tether Commits $127.5M to Help Drift Users Recover After Exploit

The post Tether Commits $127.5M to Help Drift Users Recover After Exploit appeared first on Coinpedia Fintech News

Tether is partnering with Drift Protocol and other backers to help users recover funds after the April 1 exploit, which resulted in about $285 million in losses. The support package includes up to $127.5 million from Tether and an additional $20 million from partners. It also features a $100 million revenue-linked credit line, ecosystem grants, and market maker loans. A recovery pool funded by exchange revenue and support capital will aim to cover nearly $295 million in user losses and restore impacted balances.