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Drift Launches Hacker Incident Recovery Plan: Affected Users Will Receive "Recovery Tokens," and Future Growth Revenue from the Protocol Will Be Used for Compensation
BlockBeats News, May 6 — Drift Protocol has launched a recovery plan for users affected by the April 1 hacking incident: each affected wallet will receive a “recovery token,” with a single recovery token representing verified losses of $1, serving as a proportional claim against the recovery pool.
The recovery pool was initially funded with approximately $3.8 million USDT converted from the protocol’s remaining assets, and will continue to grow quarterly through the majority of net income from trading platforms, additional funding from partners, and Tether’s maximum matching deployment of $127.5 million.
The insurance fund was not affected by the hacking incident; whether it will be used to compensate users or injected into the recovery pool will be decided through governance proposals and DAO votes.
Redemption mechanism: When the recovery pool exceeds $5 million, redemptions will be opened.
Redemption price = Total value of the recovery fund ÷ Total unredeemed recovery tokens.
Users can redeem at any time, but early redemption forfeits remaining claim rights; users who choose to wait can benefit from pool growth to receive a higher proportion of compensation.
The official emphasizes that this is not an immediate full refund, but rather allows users to share in the protocol’s future growth.
Drift plans to relaunch in Q2 2026 with a completely new program, new address, and rotating keys, focusing on perpetual contracts and selected markets.
All major decisions will require DAO voting.