Drift Foundation said on Oct. 2 that DFX claims and redemptions are now live for users whose losses in the April 1 incident have been verified. Eligible users can claim 1 DFX for every 1 USDT lost, according to BlockBeats. Each DFX token represents a claim on the Recovery Pool, which currently holds about 3.11 million USDT. The pool is funded by a portion of Velocity’s daily protocol net revenue, matching funds from Tether of up to 127.5 million USDT, up to 20 million USDT from strategic partners, and assets recovered later. DFX can be redeemed for USDT based on the formula of Recovery Pool balance divided by DFX outstanding supply. Redeemed DFX will be burned, and the transaction cannot be reversed. The claim window will close at 00:00 UTC on Jan. 1, 2028, and any unclaimed DFX will be burned at that time. Drift Foundation also disclosed an update a day earlier on asset recovery tied to the April 1 security incident, saying about $295.4 million in user assets were stolen. The foundation has engaged Mandiant, zeroShadow, and SEAL 911 for investigation and fund tracing. Mandiant identified the attacker as North Korean threat group UNC6862.
Drift Foundation has launched DFX claims and redemptions, BlockBeats reported on Oct. 2. Users with verified losses from the April 1 incident can claim 1 DFX for every 1 USDT lost.
Each DFX represents a claim on the Recovery Pool. The pool currently holds about 3.11 million USDT. Its funding sources include part of Velocity’s daily protocol net revenue, matching funds from Tether of up to 127.5 million USDT, up to 20 million USDT from strategic partners, and assets recovered later.
How redemption is calculated
DFX can be redeemed for USDT based on the Redemption Amount, calculated as the Recovery Pool balance divided by the outstanding DFX supply. Once redeemed, the DFX is burned and the transaction is irreversible.
The claim window will close at 00:00 UTC on Jan. 1, 2028. Any DFX that has not been claimed by then will be burned.
Update on the April 1 security incident
A day earlier, Drift Foundation released an update on fund recovery related to the April 1 security incident. It said about $295.4 million in user assets had been stolen.
The foundation has hired Mandiant, zeroShadow, and SEAL 911 to investigate the incident and trace the funds. Mandiant identified the attacker as North Korean threat group UNC6862.
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