Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit
CoinDesk·3h ago·Hope
What Happened
Drift Protocol, a Solana-based perpetual futures exchange, secured up to $147.5 million in funding from Tether and partners following a North Korean-linked exploit in April that caused approximately $270 million in user losses. The platform will replace Circle's USDC stablecoin with Tether's USDT as its settlement layer. Funding includes $127.5 million from Tether and $20 million from partners, structured as revenue-linked credits, ecosystem grants, and loans to support user recovery and platform relaunch.
Key Entities
Drift ProtocolTetherCircleUSDTUSDCSolanaNorth Korea$147.5 million funding$270 million exploitApril 1