Drift announces a user recovery plan for the $295 million North Korean hacker attack
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According to CoinDesk, Drift Protocol has announced a user recovery plan for the approximately $295 million security breach on April 1, attributed to a North Korean-backed hacker group.
The core of the recovery plan is to issue receipt tokens representing verified user losses, with each token representing $1 of verified loss, which holders can redeem based on the value of the recovery pool accumulated over time. The initial funding for the recovery pool is approximately $3.8 million, and it is expected to grow through exchange revenue of up to $127.5 million, Tether support, and up to $20 million from partners, until it covers the total loss of approximately $295.4 million.
Drift has frozen about $3.36 million USDC and launched a public bounty to recover 10% of the assets. Drift plans to relaunch on a "security-first" exchange in the second quarter. Legal recovery efforts are still ongoing.
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