News linked to both this project and an event.
According to The Block, Grinex—a Russia-linked cryptocurrency exchange—suspended withdrawals and trading on Thursday after suffering a hack reportedly worth approximately $15 million. Blockchain analytics firm Elliptic stated that the stolen funds consisted of USDT, which were subsequently moved across the Tron and Ethereum networks and swapped for TRX and ETH to reduce the risk of being frozen by Tether. Grinex said its wallet infrastructure was hit by a “large-scale cyberattack,” resulting in losses exceeding 1 billion rubles—approximately $13.1 million. Reports indicate Grinex is widely regarded as one of the successor platforms to sanctioned exchange Garantex, which U.S. authorities targeted last year for facilitating hundreds of millions of dollars in illicit fund flows.
According to CoinDesk, Drift Protocol—the largest decentralized perpetual futures exchange on Solana—announced it has secured up to $147.5 million in funding from Tether and its partners (including $127.5 million from Tether and $20 million from other partners) following a hack that stole over $270 million. The funds will be used to restore user assets and relaunch the protocol. The attack was carried out on April 1 by a North Korea–linked group that had posed as a quantitative trading firm and infiltrated the protocol for approximately six months, causing the DRIFT token’s value to plummet roughly 70%. The funding structure combines revenue-linked credit, ecosystem subsidies, and market-maker loans, aiming to cover approximately $295 million in user losses. Upon relaunch, the protocol will replace USDC with USDT as its core settlement layer; Tether will simultaneously provide fee waivers, user incentives, and liquidity support.
Odaily News Drift announced on its official website that Drift Protocol has received support from Tether and other partners. Tether intends to contribute $127.5 million, while other partners plan to contribute $20 million, collectively supporting user recovery efforts following the April 1st attack. This support package includes a $100 million revenue-linked credit line, ecosystem grants, and loans provided to market makers. Drift will establish a dedicated user recovery pool, aiming to gradually address the $295 million in outstanding user losses as trading revenue grows. Additionally, Drift will issue independent recovery tokens to affected users, which represent a claim on the recovery pool and are transferable. Drift is currently in the process of restarting the protocol, having engaged Ottersec and Asymmetric for audits, and is migrating its settlement layer from USDC to USDT. The previous attack resulted in the theft of assets worth approximately $295 million, while the insurance fund assets remained unaffected.