Velocity Replaces Drift After 285 Million Dollar Hack on Solana Perps

The Solana perpetuals venue Drift has relaunched as Velocity, with a new team at the helm since September 29, 2026. The change comes after a 285 million dollar hack in April 2026, which was attributed to an actor linked to North Korea.

Co-founder Cindy Leow has stepped back from her role, stating that her strength lies in building from zero to one, and that Velocity now needs people who can take it from one to ten. The new team consists of five individuals, including a lead for fund recovery and law enforcement, a protocol engineer, a product chief, a partnerships lead, and a growth lead.

Settlement for trading is now in Tether's USDT, rather than Circle's USDC, and several functions have disappeared. The relaunch has been met with 154 findings from a security audit, none of which were critical.

The hack in April 2026 was a state-level attack, according to Leow, and involved a forged collateral token. The attackers obtained administration rights through social engineering, building trust over months and manipulating people.

Tether committed up to 127.5 million dollars to the rescue package, with further partners contributing 20 million dollars. The total package of up to 147.5 million dollars does not cover the 285 million dollar outflow, and it is recommended that users check their own positions directly in their accounts rather than relying on third-party summaries.