Tether announced a recovery plan of up to $150 million to help Drift Protocol users recoup losses from an April 1 exploit that drained approximately $285 million from the Solana-based trading platform.
Key Takeaways:
Tether committed up to $127.5 million toward Drift Protocol’s recovery plan following the April 1, 2026 exploit. The $150 million recovery structure ties Drift user repayments to platform trading revenue, not upfront capital alone. Drift will replace USDC with USDT at relaunch, bringing 128,000 users and 35 ecosystem teams onto Tether’s stablecoin. Solana DeFi Platform Drift Taps Tether for $150M Recovery After April HackTether says it works with more than 310 law enforcement agencies across 64 countries and has helped recover over $800 million connected to digital asset crime. The company cited that track record as part of its rationale for involvement in the Drift situation.
The plan does not rely on user litigation or delayed treasury disbursements. Revenue generated by Drift as it scales back up will go directly toward restoring user positions.
Tether did not disclose a specific timeline for full recovery but said the structure is designed to restore balances alongside platform growth rather than on a fixed schedule.
