Drift to rebrand as Solana perp exchange after $295M hack

Drift (DRIFT), which suffered a hack of approximately $295 million in April, has announced plans to rebrand as a Solana-based perpetual futures exchange. The company stated that it will rebrand as a USDT-based perpetual futures trading platform, with all resulting revenue to be used to support a dedicated fund for user compensation. To bolster platform security, Drift has appointed Noah Prince, former engineering lead at Helium Protocol, as its new Protocol Lead. Team members from Gauntlet, a firm specializing in decentralized finance modeling and research, will also provide technical support. Drift explained that it plans to relaunch the platform with security as a core value and will release details of its user compensation plan at a later date.