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The Drift Foundation has outlined the compensation plan following the protocol hack: users will receive 1 DFX token for every 1 USDT lost, with redemption amounts depending on the recovery pool balance that currently covers only about 1% of total claims; Tether has committed to providing up to $127.5 million USDT to support protocol restart and user compensation, with funds matched against Velocity's net protocol revenue rather than disbursed as a lump sum; the claims deadline is January 1, 2028, allowing users to choose to hold DFX or trade it on secondary markets such as Raydium, with the only official link being dfx.drift.trade.
victims of the Drift hack, a perpetual contract exchange on Solana, began filing claims on October 1. The recovery pool's initial funding stands at approximately $3.11 million against nearly $295.4 million in verified losses. Victims can redeem USDT through DFX tokens, with each $1 of loss converting to roughly 1.04 cents at launch, meaning a $1,000 loss corresponds to about $10.40.The total supply of DFX is fixed at 299,500,810.998 tokens, with each token corresponding to $1 of verified loss from the April incident, and no additional tokens will be minted. Holders can choose to burn DFX to redeem USDT, sell on secondary markets such as Raydium, or continue holding their claims. Completed redemptions are irreversible, and unclaimed tokens will expire after the claims window closes on January 1, 2028.Future funding for the recovery pool includes a portion of daily net protocol revenue from Velocity, the rebranded exchange rebuilt by Drift, up to $127.5 million in USDT committed by Tether, $20 million in USDT committed by strategic partners, and recovered stolen assets. On the first Friday after claims opened, approximately 216,480 DFX tokens were redeemed for about 2,250 USDT, with Velocity's first revenue transfer amounting to 31 USDT; approximately 13,025.9 ETH is spread across 4 Ethereum wallets, another approximately 2,309.4 ETH passed through Tornado Cash, and about $9.2 million in assets have been frozen at other addresses. (Bitcoin.com News)
Odaily News — According to monitoring by Drift Foundation, DFX claims and redemption are now live. Users with verified losses from the April 1 incident can claim 1 DFX per 1 USDT lost. Each DFX corresponds to a claim on the Recovery Pool, which currently holds approximately 3.11 million USDT. The funding sources include a portion of Velocity's daily protocol net revenue, up to 127.5 million USDT in matching funds from Tether, up to 20 million USDT from strategic partners, and assets recovered subsequently.DFX can be redeemed for USDT at a redemption amount calculated as "Recovery Pool balance ÷ DFX outstanding supply." Redeemed DFX will be burned, and transactions are irreversible. The claims window will close on January 1, 2028, at 00:00 UTC, at which point unclaimed DFX will be burned.Yesterday, Drift Foundation released an update on fund recovery efforts related to the April 1 security incident, in which approximately $295 million in user assets were stolen. The Foundation has engaged Mandiant, zeroShadow, and SEAL 911 to conduct investigations and trace funds, with Mandiant identifying the attacker as North Korean threat group UNC6862.