Drift Protocol Rebrands to Velocity DEX Following $280M Exploit
- Rebranding Effort: Drift Protocol has announced its rebranding to Velocity DEX as part of a relaunch strategy following a $280 million exploit on April 1 attributed to North Korea's Lazarus Group, demonstrating the company's resilience and commitment to recovery in the face of adversity.
- Financial Backing: The company secured a $127.5 million credit line from Tether to support its relaunch, while also switching its core stablecoin from Circle's USDC to Tether's USDT, a move that will impact 128,000 users and over 35 ecosystem teams, reflecting Tether's confidence in the platform's future.
- User Compensation System: Affected users will receive recovery tokens representing $1 of verified loss, redeemable only when the recovery pool reaches $5 million, a mechanism that has drawn sharp criticism from users who perceive it as a potential money laundering attempt due to its complex structure.
- Market Decline: Following the exploit, Drift's total value locked plummeted from over $550 million to approximately $217 million, with the DRIFT token trading near $0.017, close to its all-time low, and the platform's trading volume at zero since the incident, indicating a severe loss of user confidence.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 3 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DRIFT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, DRIFT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Drift (DRIFT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0131 | 0.0142 | 0.0151 | 0.0162 | 0.0171 | 0.0182 | 0.0191 |
| Fibonacci | 0.0142 | 0.0149 | 0.0154 | 0.0162 | 0.0169 | 0.0174 | 0.0182 |
About DRIFT
About the author
