DRIFT PROTOCOL RAISES $147.5M AFTER $270M HACK

SECURITY DESK■ 1 MIN READ

FRI, APR 17, 2026

■ AI-SUMMARIZED FROM 2 SOURCES ▸ TIMELINE

Drift Protocol secured $147.5 million in funding, with Tether contributing $127.5 million, following a $270 million exploit linked to North Korean hackers. The protocol plans to relaunch using Tether's USDT stablecoin as its settlement layer.

The decentralized derivatives platform will replace its previous Circle stablecoin integration with USDT, marking a significant shift in its infrastructure after the recent security breach. Drift Protocol's $270 million exploit represents one of the largest cryptocurrency losses linked to North Korean threat actors. The protocol's decision to pivot to USDT reflects confidence from major players in the space, with Tether's substantial backing signaling commitment to the platform's recovery. The funding round includes contributions beyond Tether's investment, though details on other backers remain limited. Drift Protocol's relaunch timeline and additional security measures following the exploit have not been disclosed. The move underscores the crypto industry's reliance on established stablecoin providers during recovery efforts and demonstrates Tether's expanding role in supporting major platforms after security incidents.

■ SOURCES

► Techmeme ► Techmeme

■ SUMMARY WRITTEN BY AI FROM THE LINKS ABOVE

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DRIFT PROTOCOL RAISES $147.5M AFTER $270M HACK

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