DeFi

Drift Taps Tether for $148 Million Recovery Plan, Ditches Circle's USDC Following DeFi Exploit

Drift Protocol said Thursday that it is aligning itself with Tether as the stablecoin issuer supports recovery efforts linked to an exploit that cost users $285 million in crypto earlier this month. In an announcement, the decentralized exchange said it is set to receive $127.5 million from Tether and $20 million from other partners, under a framework that includes a revenue-linked credit facility, an ecosystem grant, and loans to market makers. As part of the arrangement, Drift Protocol plans t...