Reflect Launches 180-Day Voluntary Recovery Plan for USDC+ Holders Affected by April Drift Hack

Reflect, an a16z-backed stablecoin protocol, said it has started a separate voluntary recovery plan for USDC+ position holders impacted by Drift’s April hacking incident. According to ChainCatcher, the program opens a 180-day window starting now and allows holders to voluntarily sell their positions to Palindrome Engineering at 0.2 USDC plus 80 Reflect Credit (RC) per unit, with settlement conducted fully on-chain. Reflect said the plan is pre-funded by Palindrome and is entirely independent of Drift’s recovery process. Participants who opt in must waive any claims against Drift in exchange for immediate, certain liquidity. Holders who do not participate can continue to support Drift’s DFX recovery channel. Drift is now operating under the name Velocity, the report said.