recovery

Drift announced on its official website that the Drift Protocol has received support from Tether and other partners, with Tether planning to invest $127.5 million and other partners planning to invest $20 million to jointly support user recovery.The support plan includes a $100 million revenue-linked credit line, ecosystem grants, and loans provided to market makers. Drift will establish a dedicated user recovery pool aimed at gradually addressing the $295 million in unpaid user losses as trading revenue grows. Additionally, Drift will issue independent recovery tokens to affected users, which represent a claim on the recovery pool and are transferable. Drift is currently working on the protocol restart, having hired Ottersec and Asymmetric for auditing, and will migrate the settlement layer from USDC to USDT. The previous attack resulted in approximately $295 million worth of assets being stolen, while the insurance fund assets were unaffected.

According to market news, the Ethereum to Bitcoin price ratio (ETH/BTC) has rebounded to 0.0313, reaching a three-month high, indicating an overall recovery in the cryptocurrency market.The number of new users on the Ethereum network has increased by 82% year-on-year, reaching 284,000, and the trading volume has risen to 200.4 million transactions. The supply of stablecoins has surpassed $180 billion, accounting for about 60% of the global market. Analysts point out that if the ETH/BTC ratio closes above 0.035 on a weekly basis, it will indicate a continued inflow of funds into Ethereum and high-risk assets. Currently, the ETH price is still down over 50% from its 52-week high. Bitcoin's price remains above $74,000, and the total inflow into U.S. spot Bitcoin ETFs has exceeded $56 billion, providing long-term support for the market.

According to Cointelegraph, Nic Puckrin, founder of Coin Bureau and cryptocurrency market analyst, stated that Bitcoin's current recovery is relatively weak. The geopolitical and macroeconomic pressures caused by the Middle East war will dominate the market trends in the second quarter of 2026, with interest rate cuts expected no earlier than the third or fourth quarter. He pointed out that for BTC to reach $90,000, three conditions must be met: easing geopolitical tensions, oil prices falling back to around $80, and weakening economic data.Currently, BTC is priced at approximately $71,276, facing resistance at $74,000, and still operating below the 200-day exponential moving average. Previously, BTC rose above $73,000 on April 6 but fell back due to the breakdown of U.S.-Iran negotiations and Trump's announcement to block the Strait of Hormuz. There are internal disagreements within the Federal Reserve FOMC regarding interest rate cuts in 2026, and CME Fedwatch data shows that the probability of maintaining interest rates unchanged in the meetings on April 29 and June 17 is over 98%.

Drift Protocol, which had $285 million in cryptocurrency assets stolen, posted an update on the X platform regarding the incident handling progress. It stated that it is currently actively working with partners to develop a coordinated recovery plan. The current focus is on stabilizing the situation and providing protocol-level assurances to all affected users and partners.In addition, Drift stated that it will participate in the security project STRIDE under the Solana Foundation, with more details to be announced later.

Resolv Labs co-founder Ivan released an update on the protocol security incident and subsequent recovery progress. It is reported that whitelisted USR users can redeem first, mainly because their wallets have been verified, and the Resolv team can manually process within 24 hours to control risks. Currently, 98% of related redemptions have been completed.For non-whitelisted USR holders before the vulnerability occurred, Resolv promises to redeem at a 1:1 ratio as well, but the relevant redemption technical plan is still being finalized.Regarding whether there are internal personnel involved, Ivan stated that no evidence of internal participation has been found so far. For USR holders, LPs, and RLP holders after the vulnerability occurred, the subsequent processing involves legal, technical, and ecological coordination among multiple parties, and there is no single solution at this time. A complete recovery plan does not yet have a clear timetable, and the follow-up will be completed as soon as possible while ensuring prudent progress.Previously, the Resolve attacker used 200,000 USDC to mint 80 million USR.

BNB Chain posted on platform X that the first phase of the BNB Beacon Chain recovery tool will stop operating in 3 days. If users hold BEP2 tokens on the BNB Beacon Chain, they should migrate them to BSC as soon as possible to expedite processing.

Resolv Labs issued an update regarding a security incident, stating that a malicious attacker illegally accessed Resolv's infrastructure through a stolen private key and minted approximately $80 million worth of uncollateralized USR. The relevant smart contracts have been quickly paused, and approximately 9 million USR held by the attacker have been destroyed to mitigate potential impact.Currently, the protocol holds about $141 million in assets, with the confirmed actual impact being only about $500,000 in redemptions processed before the pause. The current USR supply consists of approximately 102 million tokens before the incident and about 71 million newly minted illegal tokens. As the first step towards recovery, Resolv plans to allow redemptions of pre-incident USR starting from March 23, 2026, for whitelisted users. Affected users should coordinate directly with RDAL through official channels.The announcement stated that the incident stemmed from unauthorized actions by a third party, including targeted infrastructure attacks. Resolv's underlying collateral has not been directly compromised. The team is tracking and attempting to control the illegally minted USR and other affected assets, coordinating with partners and counterparties, and working with law enforcement and on-chain analysis companies to trace the responsible parties. Resolv strongly advises against trading USR or related Resolv tokens during the implementation of recovery measures, as user trading behavior after the incident may affect the recovery process.

According to Jinshi News, the International Energy Agency (IEA) issued a stern warning on Friday: the ongoing conflict involving Iran could trigger the largest supply disruption in the history of the global oil market, and the normal flow of oil and gas in the Gulf region may take six months to restore.According to the Financial Times, IEA Director Fatih Birol stated that policymakers and the market have underestimated the severity of this crisis, which could drive up energy prices and put pressure on global supply chains.The IEA emphasized that relying solely on supply-side measures is insufficient to stabilize the market. In a detailed set of recommendations, the agency outlined a series of demand-side actions that can be implemented immediately to alleviate consumer pressure and ensure energy security. These include: immediate measures to reduce oil and gas demand, reducing energy consumption in industries and households, and calling for collective action.

After Slow Mist founder Yu Xian disclosed that the Coinbase Commerce asset recovery page directly requires users to enter plaintext mnemonic phrases, Slow Mist's Chief Information Security Officer 23pds added that the sitemap of that page also has flaws, allowing malicious attackers to easily use tools like ResourcesSaver to download the frontend code and deploy similar websites.If combined with similar domain names like Coinbase for phishing attacks, users can easily fall victim.

According to Jinshi News, Société Générale pointed out that the exchange rate of the US dollar against a basket of currencies has recently declined, but the drop is expected to be limited. After the dollar index reached its highest point in over nine months, the bullish positions on the dollar seem to have become excessive. The foreign exchange market is showing a reversal of the dollar's recovery; however, the rebound of the euro or pound against the dollar may not be lasting. The dollar typically benefits from rising energy prices and investors seeking safe-haven assets.

According to The Block, Ledger's security research team Donjon has discovered a vulnerability in the secure boot chain of MediaTek processors, allowing attackers to extract encryption keys via USB connection before the operating system loads, provided they have physical access to the phone. This could enable them to decrypt device storage and obtain the device PIN code and encrypted wallet mnemonic within approximately 45 seconds.In proof-of-concept tests, the vulnerability successfully extracted sensitive data from wallet applications such as Trust Wallet, Kraken Wallet, and Phantom. Researchers indicate that this vulnerability may affect about 25% of Android phones, involving models that use MediaTek chips and Trustonic's Trusted Execution Environment. Ledger's Chief Technology Officer Charles Guillemet stated that smartphones were never designed to be vaults. Although the vulnerability can be patched, it highlights the inherent risks of storing keys on non-secure devices, and users are advised to update security patches as soon as possible.According to data from TRM Labs, over 80% of the $2.1 billion in stolen crypto assets in the first half of 2025 stemmed from infrastructure attacks such as private key theft, mnemonic theft, and front-end hijacking. Chainalysis data shows that losses from crypto asset theft exceeded $3.41 billion in 2024, with the proportion of stolen personal wallets rising from 7.3% in 2022 to 44% in 2024.

Bitfinex reports that Bitcoin has experienced a consecutive five-month decline since 2025, marking the first occurrence of a "five consecutive down" structure since 2018, with a monthly drop of 14.93% in February and a maximum cumulative drawdown of approximately 52.34%. However, early signs of market recovery have emerged in March.Data shows that since March 1, approximately $3.2 billion in BTC has been systematically purchased at market price across exchanges, successfully reclaiming the $65,000 level; the Coinbase premium index has ended its continuous 40-day negative value and turned positive, indicating a return of U.S. spot buying. The derivatives structure also remains relatively healthy: open interest has risen to $53.1 billion, a 15.4% increase from Sunday’s close, but the perpetual funding rate is only about 9.5% APR, showing no signs of overheating. Open interest and spot have expanded in sync, reflecting that this round of increase is more driven by spot absorption.Regarding ETFs, the U.S. spot Bitcoin ETF recorded approximately $1.1 billion in net inflows last week, with a total of over $450 million on Monday and Tuesday, indicating that institutional demand remains a core support. Analysts believe that if key support holds, Bitcoin may recover to the $80,000-$85,000 range in the next 1-3 months; in the short term, attention should be paid to the $72,000-$74,000 area of concentrated short liquidations and the potential dynamic support at $66,000. The overall judgment remains cautiously bullish.

Investment management company VanEck's CEO Jan Van Eck stated in an interview with CNBC, "The crypto market is rebounding today, but it is still down over 50% from the peak last October. Regarding Bitcoin, we know two things: the total supply is limited to 21 million; and the halving cycle, where the block reward for Bitcoin miners is halved every four years.Bitcoin has an investment cycle: it rises for three consecutive years, and the fourth year usually sees a significant drop. The year 2026 is precisely this fourth year, so we are in a bear market for cryptocurrencies, more specifically for Bitcoin. Therefore, I think there is no need to overcomplicate things. From what I see, I believe we are bottoming out, which is also a very good sign of recovery."

The world's largest stablecoin Tether (USDT) saw its market capitalization decline by 0.8% this month to $18.361 billion, continuing a trend of falling approximately 1% from its historical high of $18.684 billion, which may record a second consecutive month of contraction. This marks the first occurrence of consecutive monthly shrinkage since the collapse of TerraForm Labs in 2022, and is seen as a signal of tightening market liquidity.Analysts point out that stablecoins are the "liquidity fuel" of the crypto market, and a contraction in their supply typically indicates net outflows of funds. Against this backdrop, demand for U.S. spot Bitcoin ETFs remains sluggish, leading to a cautious assessment of the sustainability of any rebound. In terms of price, Bitcoin has failed to gain sustained momentum since it stopped falling around $60,000 on February 6, although it briefly rebounded above $70,000, it has now retreated to oscillate around the $65,000 range.Meanwhile, another major stablecoin, USD Coin (USDC), has seen its market capitalization rise from a low of $70 billion in January to about $75 billion, but overall growth for the year has stagnated, indicating a simultaneous slowdown in the expansion momentum of major stablecoins. Market participants believe that if the supply of stablecoins does not expand again, the overall recovery of the crypto market will still face liquidity constraints.

According to Caixin, on February 16 and 17, 2026, the High Court of England held a two-day hearing on the asset disposal of the money laundering case involving Qian Zhimin and 60,000 bitcoins. Over 11,300 Chinese victims are expected to submit compensation claims to the High Court of England, but this only accounts for 8.8% of the 128,409 victims. The deadline for compensation claims in the UK will be May 22.According to Section 281 of the Proceeds of Crime Act (POCA) in the UK, if someone claims that the assets frozen or intended for confiscation by the government originally belonged to them, they can submit a compensation claim to the High Court of England. On October 22, 2024, the UK allowed victims of Blue Sky Greys to proactively claim compensation, providing evidence to the High Court of England to prove that they are victims of the Blue Sky Greys case and have a relationship with the assets involved.

Italian bank UniCredit's strategist Thomas Strobel stated that the recent decline in Bitcoin primarily reflects weak market sentiment and macro pressures. Although the easing of regulatory uncertainty in the U.S. has somewhat reduced policy risks, the bank maintains a neutral stance, estimating Bitcoin's fair value at around $75,000. If the price falls about 35% below this level, particularly if it remains below $50,000, it may indicate a deeper structural shift.For Bitcoin prices to recover, they will need to rely on improved market sentiment, a rebound in ETF inflows, and an overall better liquidity environment.

Due to an oracle configuration error resulting in approximately $1.78 million in bad debt, the DeFi lending protocol Moonwell released an event handling update on the X platform, stating that the recovery plan has now been published on the governance forum, which includes integrating the Moonwell Apollo (MFAM) community into the Moonwell ecosystem (WELL).The Moonwell Apollo Treasury will immediately initiate partial compensation, with ongoing compensation to follow through protocol revenue. Additionally, MFAM holders and stkWELL stakers are set to receive compensation at a ratio of 1:1.5 (MFAM:stkWELL).

According to Coinglass data, the cumulative net outflow from CEX in the past 24 hours is 2,382.67 BTC. The top three CEX by outflow are as follows:Binance, outflow of 754.04 BTC;Gemini, outflow of 633.9 BTC;Kraken, outflow of 505.86 BTC.In addition, Coinbase Pro saw an inflow of 66.18 BTC, ranking first in inflows.

According to Bleepingcomputer, Trezor and Ledger users have fallen victim to physical letter scams, where fraudsters impersonate official organizations to lure users into scanning QR codes that lead to phishing websites, and deceive them into providing their recovery phrases under the pretext of "identity verification checks" and "transaction checks," thereby facilitating the theft of cryptocurrency assets.