Reflect announces the launch of a recovery plan for USDC+ position holders affected by the Drift hack

Reflect, a stablecoin agreement backed by a16z, announced the launch of an independent voluntary recovery plan for USDC+ position holders affected by the Drift (now Velocity) hacking incident in April: a 180-day window will be opened from now on, and holders can voluntarily sell their positions to Palindrome Engineering at a price of 0.2USDC+80ReflectCredit(RC) per unit for full online settlement. The plan is pre-funded by Palindrome and is completely independent of the Drift recovery process. Participation waives recourse to Drift in exchange for immediate certainty liquidity; non-participation can still support Drift's DFX recovery channel.