Drift to issue ‘recovery tokens’ in wake of $295m hack
By Aleks Gilbert
AI summary of the source article
Developers behind Solana-based derivatives exchange Drift have proposed issuing recovery tokens to compensate users affected by a $295 million hack in April. The recovery pool would be funded by future protocol revenue alongside $147 million committed by Tether and other partners, a process that could take nearly eight years to reach full compensation. Pending tokenholder approval, Drift also plans to relaunch before July as a leaner perpetuals exchange with simplified code and stricter security measures.