Tether swaps $150 million rescue for USDC market share in Drift Protocol
Drift Protocol will now use Tether's USDT instead of Circle's USDC in its future payment layers. This shift follows a $150 million infusion of funds from Tether into the Drift ecosystem through revenue-linked credit facilities and ecosystem grants. The transition occurs after North Korean hackers stole $285 million from the Solana-based derivatives exchange on the 1st. The attackers spent six months using social engineering to infiltrate Drift's internal networks, posing as a quant trading company and depositing over $1 million to build trust. While Circle CEO Jeremy Alair stated the company adheres to the principle of intervening only upon a direct legal order regarding the stolen funds, Tether CEO Paolo Ardoino expressed a willingness to freeze criminal funds. Tether gained market share from Circle in the DeFi market.
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