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Drift proposes recovery tokens after $295 million April hack

The Solana-based derivatives exchange says users would receive recovery tokens tied to a pool funded by Drift revenue, a process that could take nearly eight years at 2025 earnings levels.

Reported · Written up by our desk · Market Structure

Drift has proposed a recovery plan for users after an April hack that resulted in crypto losses worth $295 million, according to DL News. The plan would involve issuing “recovery tokens” that represent proportional claims on a recovery pool.

Under Drift’s proposal, the recovery pool would be filled gradually using protocol revenue, along with crypto committed by Tether and other organizations that supported the response. Drift says it earned $19 million in revenue in 2025, which implies it could take nearly eight years for the pool to reach $295 million if partner commitments of $147 million are honored.

The exchange said the proposal also depends on approval by Drift tokenholders and that victims could face a wait of several years to fully break even. Drift suspended trading and other activity after attackers used a trick to get bogus transactions approved.

Blockchain analysts cited by DL News said North Korea was likely behind the hack. Drift’s update also said the measures are intended to make users whole while it works to restore itself as a leading Solana perpetuals DEX.

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