Hacked Crypto Platform to Relaunch After Securing New Funding

Decentralized finance platform Drift Protocol, the victim of an exploit earlier this month where hackers stole approximately $285 million of users’ cryptocurrency, plans to relaunch after securing around $150 million in funding from a consortium led by stablecoin issuer Tether Holdings SA.

As part of the agreement, the derivatives exchange will use Tether’s USDT token to finalize transactions at the so-called settlement layer, the companies said Thursday. Drift has previously used the USDC token issued by Circle Internet Group Inc. The firms didn’t specify when the Solana-based blockchain protocol would relaunch.