Reflect Announces Recovery Plan for USDC+ Holders Affected by Drift Hack Incident

BlockBeats News, July 2nd, the a16z-backed stablecoin protocol Reflect announced a voluntary recovery plan for USDC+ holders affected by the Drift (now Velocity) April hack: starting today, a 180-day window is open for holders to voluntarily sell their positions to Palindrome Engineering at a price of 0.20 USDC + 80 Reflect Credit (RC) per unit, with full on-chain settlement. This plan, funded upfront by Palindrome, is completely separate from the Drift recovery process. Participation entails waiving any claims against Drift in exchange for immediate settlement liquidity; non-participants can still support Drift's DFX recovery channel.