Drift to create $147.5M recovery pool for hack victims

Drift (DRIFT), which lost approximately $295 million in a hack earlier this month, has unveiled a recovery framework for affected users on its official blog. The project is establishing a Recovery Pool, to which Tether will contribute up to $127.5 million and other partners will add $20 million. The pool will also be funded by a $100 million revenue-sharing program, ecosystem grants, and market maker loans. Drift stated it is collaborating with law enforcement and blockchain analysis partners to trace the stolen assets, with any recovered funds to be added to the pool. Affected users will be issued a special recovery token, separate from the existing governance token, which can be used to make a claim on the recovery pool.