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Drift proposes recovery tokens after $295 million April hack

The plan would issue “recovery tokens” that represent claims on a recovery pool funded over time by Drift revenue, with full compensation potentially taking years.

Reported · Written up by our desk · Market Structure

DeFi platform Drift has proposed a recovery plan after a $295 million hack in April, saying it would compensate affected users through a token-based mechanism.

According to DL News, Drift plans to issue “recovery tokens” to users, with each token representing a claim on a “recovery pool” that would be gradually filled using Drift revenue.

DL News also reports that the plan would depend on the success of a slimmed-down business model, and that fully compensating victims could take years.

The exchange, built on the Solana blockchain and focused on derivatives, outlined the recovery approach as part of a Tuesday proposal.

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