DFX

Drift

2026-10-03 03:00:57

Drift opens DFX claims and redemptions, with early exits priced at about 0.0104 USDT per token

Decentralized exchange Drift, now renamed Velocity, opened claims and redemptions for its compensation token DFX on Oct. 1 after a hack that previously left users with roughly $295 million in losses. Under the plan, affected users receive 1 DFX for every 1 USDT in approved losses, with total supply set at about 299.5 million tokens. That allocation reflects a compensation entitlement, not a current $1 redemption value. At the initial redemption rate disclosed by the project, each DFX is worth about 0.0104 USDT. In practical terms, a user with 10,000 USDT in approved losses would receive only about 104 USDT if they redeem the full amount immediately. Redeemed DFX will be permanently burned, and those redeemed portions will no longer qualify for future distributions. Velocity said future recovery funds are expected to come from protocol revenue, partner support, and any stolen assets that are recovered. Users can also choose partial redemption, continue holding DFX, or sell the token on the secondary market, where pricing will be determined by market trading. Separately, CoinGecko data cited in the report showed DRIFT trading at about $0.01919 early on Oct. 3 Taiwan time, down about 6.2% over 24 hours with roughly $2.1 million in volume. The report noted that DRIFT and DFX are different assets.

Velocity

2026-10-02 20:14:00

Velocity opens claims for April hack compensation, with current recovery at about 1% of losses

Velocity, the Solana-based perpetual futures exchange formerly known as Drift, has opened compensation claims tied to its April exploit. Under the current arrangement, users receive 1 DFX token for every 1 USDT lost. At the present payout rate, each DFX is worth about 0.0104 USDT, putting recovery at roughly 1% of user losses. The compensation pool currently stands at about 3.11 million USDT, while DFX has a total supply of roughly 299.5 million tokens and will not be inflated further. The Drift Foundation said the pool will continue to be funded through protocol revenue. It also said Tether has committed up to 127.5 million USDT to support the platform restart and user compensation. Claims will remain open until Jan. 1, 2028. Drift was previously hit by an attack in April, with losses of about $295.4 million, according to Odaily.

Drift

2026-10-02 09:41:30

Drift opens DFX claims and redemptions for users hit by more than $290 million exploit loss

Drift Foundation has opened claims and redemptions for DFX, a Solana-based recovery token created for users who lost funds in the perpetuals exchange’s April 1 exploit. Under the process, each 1 USDT in verified losses gives a wallet 1 DFX. Based on Drift’s current figures, each token redeems for about 0.0104 USDT, which works out to roughly one cent back for every dollar lost so far. The rate is tied to the Recovery Pool balance, which launched at about 3.1 million USDT, divided by the roughly 299.5 million DFX outstanding. Drift said in a Sept. 30 update that more than $290 million was taken from users, and that forensic firm Mandiant identified the attacker as a North Korean group. The pool is designed to grow through revenue sharing from Velocity, the rebuilt exchange rebranded in July, plus pledged support from Tether and strategic partners, and any stolen funds later recovered or frozen.

Velocity

2026-10-02 06:06:57

Velocity opens claims for April 1 security incident as DFX redemption starts near 1% of verified losses

Velocity Foundation, formerly tied to perpetuals protocol Drift, has opened claims and redemptions for users affected by the April 1 security incident. Eligible users can receive 1 newly issued DFX token for every $1 in verified losses. DFX is a Solana SPL token with a fixed supply of about 299.5 million, mapped to roughly $295.4 million in verified losses, and it will not be increased. Users can burn DFX through the official portal and redeem it for USDT based on the recovery pool balance, or trade the token on secondary markets including Raydium. With the pool currently holding about 3.11 million USDT, the redemption price is around $0.0104, which implies that every $100 in losses currently returns only about $1, covering roughly 1% of losses. The gap has drawn criticism from the community. The plan also lists possible future funding sources, including up to $127.5 million in support from Tether, up to $20 million from partners, revenue sharing from the new Velocity trading platform, and recovered stolen funds. Those amounts were not in the pool when claims opened. After launch, DFX traded from about $0.01 to about $0.03, up roughly 210% over 24 hours, with liquidity around $200,000.

Drift

2026-10-02 05:56:20

Drift compensation rollout sparks backlash as DFX redemption value sits near 1% of face value

Drift Foundation has opened claims and redemptions tied to its April 1 security incident, allowing affected users to receive newly issued DFX tokens on a 1:1 basis against verified losses. DFX is a fixed-supply SPL token on Solana, with roughly 299.5 million tokens representing about $295.4 million in verified losses. Holders can burn DFX through the official portal for USDT at a floating redemption price or trade the token on secondary markets such as Raydium. Based on a recovery pool balance of about 3.11 million USDT, the current redemption value is around $0.0104 per DFX, meaning users can presently recover only about $1 for every $100 lost. The figure has triggered sharp criticism from community members, who argue that a nominal full-value claim token currently covers only about 1% of losses. At the same time, DFX has traded above redemption value in the secondary market, rising from roughly $0.01 to about $0.03, up around 210% over 24 hours, as traders bet on future inflows including pledged support, protocol revenue sharing, and recovered funds.

Drift

2026-10-01 16:14:14

Drift opens DFX claims as recovery pool covers about 1% of losses

Drift has opened claims for DFX holders, according to TheDefiant, with the current recovery pool covering about 1% of losses. The claim process comes with a clear tradeoff: redeeming DFX burns the tokens and ends the holder’s claim on any future deposits into the recovery structure. Holders who do not want to exit on those terms can choose to wait for a recovery process funded by revenue, or sell their DFX instead. The source summary does not provide additional figures beyond the roughly 1% coverage level, and it does not detail the total size of losses or the mechanics of future deposits. TheDefiant also notes that its articles are stored on Filecoin. The update centers on how DFX holders can now act on their positions, either by redeeming and giving up future claims, holding out for revenue-backed recovery, or exiting by selling the token.

Drift Foundat

2026-10-01 16:15:58

Drift Foundation launches DFX claims and redemptions for users hit in April 1 incident

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 Foundat

2026-10-01 16:18:50

Drift Foundation launches DFX claims and redemptions after April 1 incident

Drift Foundation said DFX claims and redemptions are now live for users whose losses in the April 1 incident have been verified. Eligible users can receive 1 DFX for every 1 USDT of confirmed loss. Each DFX 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 support from Tether of up to 127.5 million USDT, up to 20 million USDT from strategic partners, and any assets recovered later. DFX can be redeemed for USDT based on the formula of Recovery Pool balance divided by outstanding DFX 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. A day earlier, the foundation said about $295 million in user assets had been stolen in the April 1 security incident and that it had hired Mandiant, zeroShadow, and SEAL 911 for investigation and fund tracing. Mandiant identified the attacker as North Korean threat group UNC6862.