Drift Protocol Recovery Plan Backed by Tether
- Recovery Funding Plan: Tether has confirmed it will collaborate with the Solana Foundation to provide up to $150 million to help Drift Protocol recover after a $285 million hack, ensuring affected users can partially reclaim losses, highlighting Tether's role as infrastructure support in the DeFi ecosystem.
- Structural Shift: Drift will relaunch as a USDT-based perpetual DEX, completely replacing Circle's USDC as its settlement layer, a strategic move that not only enhances Drift's market competitiveness but also expands USDT's influence within DeFi infrastructure.
- Details of the Hack: The attack was a meticulously planned operation lasting six months, where hackers gained governance control through social engineering and technical means, swiftly transferring funds and introducing malicious assets, underscoring the attackers' high level of patience and technical capability, which poses a significant security warning for the industry.
- Security Architecture Rebuilding: The Drift team is working with security firms to develop a long-term security plan; while Tether's funding provides hope for partial recovery for users, rebuilding trust and ensuring future security will be critical challenges for the relaunch.
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Technical Analysis for DRIFT
Technical Sentiment Analysis for Drift (DRIFT). As of , Drift (DRIFT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 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 | 0.028 | 0.0314 | 0.034 | 0.0374 | 0.04 | 0.0434 | 0.046 |
| Fibonacci | 0.0314 | 0.0337 | 0.0351 | 0.0374 | 0.0397 | 0.0411 | 0.0434 |
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