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      Drift Secures $148 Million Recovery Plan from Tether After DeFi Exploit

      Drift has announced a recovery plan worth $148 million, partnering with Tether to address the financial impact of a recent decentralized finance (DeFi) exploit. This decision comes after the company opted to discontinue its use of Circle's USDC stablecoin, which has faced criticism for its handling of the situation.

      The exploit involved the use of Circle's cross-chain protocol, which allowed individuals to transfer stolen funds without immediate intervention. This has led to significant backlash against Circle, as stakeholders expressed concerns over the security measures in place to protect against such incidents. Drift's move to Tether is seen as a strategic shift aimed at stabilizing its financial standing following the exploit.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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