Settlement Resolution

Drift’s announcement on 19 May 2022 promised an update today at 7:30pm UTC on the next steps of the resolution plan (i.e., Stage 2).

In short, Drift has secured financing to cover the outstanding shortfall of $14.5mm in full. This amount, once credited to the redemption pool, will enable all traders to fully redeem their outstanding balance of settled collateral and conclude Stage 2.

Funds will be credited and full redemption ability will go live no later than 27 May 2022 at 7:30pm UTC via the redemption site: app.drift.trade/redeem.

Drift has worked hard to achieve this resolution to compensate traders affected by this issue.

Looking Forward

In tandem with the resolution plan, Drift has focused on resolving the underlying technical issues that created this incident and is committed to its mission to prove that perpetuals DEXs are the premier way to trade perpetual swaps.

Following this announcement, a full technical post-mortem will be published with more details regarding the technical bug (and accompanying design trade offs that exposed this vulnerability) along with further details on the roadmap and release of Drift V2.

In an effort to further boost security, Drift is also increasing the existing bug bounty program with Immunefi from a maximum bounty of $500,000 to $1,000,000. Drift V2 will be open-sourced to remain transparent with the community.

Thank you, again, to the Drift community for your continued encouragement and support. Your feedback is important and helps improve Drift long term.