Victims of the Drift hack have begun filing claims as of Oct. 1, with an initial recovery pool of about $3.11 million set against nearly $295.4 million in verified losses, according to Bitcoin.com News as cited by Odaily. At the opening calculation, each $1 in verified losses translated to roughly 1.04 cents in USDT, meaning a claimant with $1,000 in losses could redeem about $10.40.
The process uses DFX tokens, whose total supply is fixed at 299,500,810.998 and will not be increased. Each token corresponds to 1 USDT of verified losses tied to the April incident. Holders can burn DFX to redeem USDT, sell the tokens on secondary markets including Raydium, or keep holding them for future claims. Once redeemed, the transaction cannot be reversed, and any unclaimed tokens will expire after the claims window closes on Jan. 1, 2028.
Future funding for the recovery pool is expected to come from part of the daily net protocol revenue of Velocity, the rebuilt and renamed exchange that emerged from Drift, up to 127.5 million USDT pledged by Tether, 20 million USDT pledged by strategic partners, and any stolen assets that are recovered. On the first Friday after claims opened, about 216,480 DFX had been redeemed for around 2,250 USDT, while Velocity transferred 31 USDT in its first revenue contribution.
Victims of the Drift hack began the claims process on Oct. 1. According to Bitcoin.com News, cited by Odaily, the initial recovery pool stands at about $3.11 million against nearly $295.4 million in verified losses.
Initial payout rate is about 1.04 cents for each dollar lost
Claimants can redeem USDT through DFX tokens. Based on the calculation at launch, each $1 of verified losses was worth about 1.04 cents in USDT, which puts a $1,000 loss at roughly $10.40.
DFX has a fixed total supply of 299,500,810.998 tokens. Each token corresponds to 1 USDT of verified losses from the April incident, and the supply will not be expanded.
Three options for DFX holders and the claims deadline
Holders can burn DFX to receive USDT, sell the tokens on secondary markets such as Raydium, or keep holding them for future recovery claims.
Any completed redemption is irreversible. Unclaimed tokens will become invalid after the claims window closes on Jan. 1, 2028.
Four sources of future recovery funding
Future funding for the pool will come from four channels:
- a portion of the daily net protocol revenue from Velocity, the rebuilt and renamed exchange that followed Drift;
- up to 127.5 million USDT pledged by Tether;
- 20 million USDT pledged by strategic partners;
- recovered stolen assets.
Early activity after the claims window opened
On the first Friday after claims opened, about 216,480 DFX had been redeemed for roughly 2,250 USDT. Velocity also made its first revenue transfer of 31 USDT.
On the asset-tracing side, about 13,025.9 ETH were spread across four Ethereum wallets. Another roughly 2,309.4 ETH had passed through Tornado Cash, and about $9.2 million in assets had been frozen at other addresses.
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