Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit
Burns Brief
The money will be used by Drift to recover user funds after more than $270 million in clients assets were exploited this month, and will relaunch the protocol as a USDT-based perpetuals DEX on Solana Market participants are carefully weighing the implications, with the outcome likely to depend on broader macro conditions and volume. Watch $ETH $SOL for reaction — a decisive move above or below key levels will confirm the next trend.
The money will be used by Drift to recover user funds after more than $270 million in clients assets were exploited this month, and will relaunch the protocol as a USDT-based perpetuals DEX on Solana.
Key Takeaways
- The money will be used by Drift to recover user funds after more than $270 million in clients assets were exploited this month, and will relaunch the protocol as a USDT-based perpetuals DEX on Solana