cindy

Thank you to everyone who offered to test the Velocity Private Beta - we are now officially live. If you DM’ed me your wallet and I replied that it has been whitelisted, go play around with the exchange and send me your feedback. Every step matters as we work toward public

Velocity’s Private Beta is now live. This relaunch has been a huge effort from the team and all of our partners in redesigning security and performance from first principles. Super proud of the team for getting us here and grateful to everyone for continuing to support us through this next phase and through public launch.

Velocity Private Beta is now live! Users who were whitelisted for access can now access the platform here: t.co/HsSke3h6tT

Today, Drift is rebranding to Velocity. Our new name reflects the new and improved platform that we are building. Perpetual trading is a market where execution speed and directional precision determine outcomes. Velocity captures both, and signifies the momentum behind our

A common question we're getting on the Drift relaunch is: why is it taking so long? Why do you even need a 'relaunch' when it was already live? One of the biggest decisions early on was: new program or reuse the old one? We decided to launch with an entirely new program/program

While it's been an epic few years at Helium, I couldn't resist the call of another migration-level challenge. Those of you who know me know I can't resist chewing some glass. As such, I am going to join @DriftProtocol team and help them relaunch. Why? Because I genuinely believe

Today we published a protocol update, providing the latest on where we are on relaunch and a path to user recovery. Excited to announce that @redacted_noah, one of Solana’s top smart contract engineers, will be joining Drift as Head of Protocol and previous members of the @gauntlet_xyz team contributing their risk expertise are meaningful additions as we gear up to bring the platform back online. Drift will relaunch as the largest USDT-based perps exchange on Solana, with a focus on scalable security and performance. We know our users are still carrying real losses, and that has not left our focus for a moment. We are committed to building Drift into the platform this ecosystem deserves and drive full user recovery. Relaunch is where that work begins in earnest. Full update: drift.trade/updates/drift-reco…

x.com/i/article/20550082535541…

Today marks a new chapter for @DriftProtocol x @tether, built on resilience and trust. We will be coming back stronger than ever, and giving our 110% every time.

❤️🙏

Tether Leads Support to the $150M Drift Recovery Plan, Stabilizes Relaunch as Drift Plans to Expand USD₮ Usage on Solana Read more: t.co/7GtC2zOxFe

After April 1, we put our heads down and committed to making this right for our users and partners. Today, we're announcing a collaboration with @tether and other partners, through which they are proposed to contribute up to $147.5 million combined to support user recovery and facilitate the Drift Protocol relaunch. The collaboration is structured around a clear, revenue-driven recovery mechanism designed to prioritize users from day one through a revenue-linked credit facility, an ecosystem grant, and loans to market-makers. During the initial phase of the collaboration, a substantial portion of exchange revenue, together with committed support capital, is intended to fund a dedicated user recovery pool. The willingness of @paoloardoino, Tether and our partners to commit real capital to Drift’s recovery says something about the strength of what we've built and what we're building next, as well as our shared vision to scale the Solana DeFi ecosystem together. We are committed to continuing to provide transparency rooted in accountability as we build Drift back stronger in the coming months, and have outlined initial steps towards relaunch and user recovery in this Incident Recovery Update: drift.trade/updates/incident-r… Full details from @DriftProtocol: businesswire.com/news/home/202…

Today, Drift is announcing a collaboration with @tether and other partners totaling up to nearly $150 million to support our commitment to a relaunch with USDT at the center, and a path to user recovery. These funds encompass a $100M revenue-linked credit facility, an ecosystem

Drift is actively working with @asymmetric_re, and @osec_io to consolidate a coordinated recovery plan. Our immediate focus is to stabilize the situation and provide protocol-level assurance to all affected users and partners. Drift will also be participating in the STRIDE

This wasn’t just a hack It may have been a 6-month infiltration Drift just shared its preliminary reconstruction of how the April 1 exploit was staged 👇 • Attackers posed as a legit quant trading firm • Built trust with contributors across multiple conferences • Spent t.co/0bHRndvR1r

TLDR on @DriftProtocol hack👇🏻 > 6-month social engineering op > fake quant firm met contributors at conferences > built trust + telegram group over months > onboarded $1M+ vault with real capital > shared "tools" & repos during integration talks > one dev cloned

If this preliminary report is correct, this is an incredibly sophisticated attack. Most protocols are not thinking about security in this way.

Terrifying

@cindyleowtt @keoneHD I’ll add: Just like the Radiant case…. As well as Bybit and WazirX…. And the $20m Venus whale…. They have gotten very good at tricking people into signing what they want without them ever noticing.

absolute madness only antisocial teams who think everyone and everything is a scam are safe

The more US victims impacted by Drift’s hack, the more energy and resources the FBI can expend on working the case. File a report with t.co/B3leMlyyzT

I beg everyone in crypto to read this in full. I expected this to be another case of social engineering, likely some recruiter/job offer shit. I was very wrong. And the depth of the operation and personas makes me think they already have multiple other teams on lock. 😳

pretty crazy if true tl:dr - hackers casually gained trust via irl conference meet, setup tg channel and became a customer, started building integrations over 6 months and then got one person with a testflight link to show off what they built

x.com/i/article/20406108019716…

Critical information of parties related to the exploit have been identified. Drift is now sending an on-chain message from 0x0934faC45f2883dd5906d09aCfFdb5D18aAdC105 to the ETH Wallets that holds the stolen funds. Wallet 1: 0xAa843eD65C1f061F111B5289169731351c5e57C1 (Timestamp