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Tether offers a $127.5 million loan to restore the compromised Drift protocol., 2026/04/18 11:04:55
Tether, the issuer of the largest market-cap stablecoin USDT, has announced its readiness to offer up to $127.5 million in the form of a loan to aid the recovery of the decentralized platform Drift, which has suffered a hacking incident. This support is expected to involve the use of USDT as the primary settlement asset on the platform following its relaunch.
The total amount of the assistance fund could reach $150 million. In addition to Tether, funding will be provided by unnamed partners. Compensation to users is planned to be disbursed gradually as trading activity is restored.
The recovery plan includes providing Drift with a credit line linked to the platform’s revenues, along with grants and the establishment of a separate fund that will receive a portion of future earnings. The amount of the grants has not been disclosed.
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Tether’s announcement comes amid criticism directed at Circle, the issuer of the USDC stablecoin. According to blockchain analyst ZachXBT, hackers transferred approximately $230 million of stolen USDC from the Solana network to Ethereum via the cross-chain protocol CCTP. However, the company did not block the funds, despite having the technical capability to do so.
Following this, over 100 investors filed a class-action lawsuit in the Massachusetts district court against Circle. The plaintiffs also claim that the company failed to take action to block the funds after the Drift hack.
Drift is a significant decentralized platform on the Solana blockchain for trading derivatives, including perpetual futures. As a result of the attack on the protocol on April 1, users lost more than $280 million.
North Korean hackers have been accused of the breach, having spent several months building trust with Drift employees—ultimately leading the protocol’s security specialists to inadvertently authorize a fraudulent transaction. Prior to the incident, the total value of locked assets in the protocol was around $550 million, which subsequently dropped to $243 million, according to data from DeFiLlama.
