Drift Exploit Update - PiggyBank had a $106k exposure to Drift, out of the 3.95M USDC deployed in our delta-neutral trading strategy. This served as margin for a 750 SOL Long position on Drift, against a 750 SOL Short position on Lighter, reduced to 273 SOL before the exchange was paused. - The worst case scenario drawdowns would have been: 2.67% on USDC vault, 1.60% on SPYx, 1.52% on pbJITOSOL. This is exactly the kind of counterparty risk priced in the high APY that such strategies provide. - Nevertheless, the team is so confident in PiggyBank's vision — extra yield on xStocks — that it has unanimously decided to personally reinject $106k to cover for users' losses, even though Drift had passed our deployment risk analysis. - Today’s NAV will be rolled as usual within 2 hours, with 0% APY for the epoch.