Drift Foundation

Oct 5, 2026

Drift Foundation says DFX is not pegged to 1 USDT, with recovery pool covering about 1% of claims

Drift Foundation said on Oct. 5 that DFX is not pegged to 1 USDT, pushing back on confusion around how the token should be valued in the recovery process. The foundation said users receive 1 DFX for every 1 USDT in verified losses, but the actual redemption value depends on the asset balance in the recovery pool at the time of redemption. At present, the pool covers only about 1% of total claims. The foundation added that redemption is optional. Users can keep holding DFX and retain their claim on the recovery pool as more funds are deposited and DFX supply declines, or they can trade the token on secondary markets such as Raydium. It also said Tether has committed up to 127.5 million USDT to support the Velocity restart and user asset recovery, but the funding is matched against Velocity’s net protocol revenue and has not been delivered in a lump sum. The deadline to claim DFX is Jan. 1, 2028. Already claimed DFX will not be burned, and users whose earlier claim attempts failed can try again after the website wallet warning issue was resolved.

720

Drift

Oct 4, 2026

Drift hack victims begin claims as $3.11 million recovery pool covers about 1.04 cents per dollar

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.

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Drift

Oct 4, 2026

Drift hack victims begin claims process as initial recovery pool stands at about $3.11 million

Victims of the Drift hack on Solana have begun filing claims, with the initial recovery pool tied to nearly $295.4 million in verified losses standing at about $3.11 million, according to ChainCatcher. Claimants can redeem DFX tokens for USDT, and at launch each $1 of loss translated to roughly 1.04 cents in recoverable value, or about $10.4 for every $1,000 lost. DFX has a fixed supply of 299,500,810.998 tokens and will not be increased. Each token corresponds to 1 USDT of verified loss from the April incident. Holders can burn DFX for USDT, sell it on secondary markets including Raydium, or keep holding for future claims. Once a redemption is completed, it cannot be reversed. Unclaimed tokens will expire after the claims window closes on Jan. 1, 2028. Future funding for the recovery pool is set to come from part of the daily net protocol revenue of Velocity, the rebuilt and renamed exchange formerly known as Drift, up to 127.5 million USDT pledged by Tether, 20 million USDT pledged by strategic partners, and any recovered stolen assets.

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Drift

Oct 3, 2026

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.

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Velocity

Oct 2, 2026

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.

1190

Velocity

Oct 2, 2026

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.

910

Velocity

Sep 21, 2026

Velocity Beta opens to all users after whitelist restriction is removed

Perpetual futures DEX Velocity has removed its whitelist restriction, opening its beta version to all users, according to Odaily. The platform allows traders to use wBTC, wETH, SOL, and USDT as collateral for contract trading under a single account. It also offers up to 20x leverage on selected contracts, while all trades are settled on-chain in USDT. The update expands access to the beta product without changing the core trading structure described in the announcement. Velocity’s setup centers on multi-asset collateral within one account and USDT-denominated on-chain settlement, with leverage availability depending on the specific contract.

790

Kaiko

Sep 21, 2026

Funding Weekly: Kaiko raises $110 million as Crusoe closes $3.9 billion Series F

PANews’ weekly funding roundup showed that the blockchain sector recorded nine financing deals worldwide between Sept. 14 and Sept. 20, with disclosed funding topping $223 million. Stablecoin payments stood out as the busiest crypto segment of the week, with Velocity, dtcpay and Fin.com each securing fresh capital to build settlement, fiat on-and-off-ramp and banking backend infrastructure. Investors in those rounds included Visa, Circle, Ripple, Coinbase Ventures and SBI, pointing to continued capital flows beyond stablecoin issuance and into payment rails and compliance-heavy infrastructure. The largest checks, however, were written in AI infrastructure. Crypto data provider Kaiko expanded its latest round to $110 million with S&P Global leading, while AI compute infrastructure company Crusoe completed a $3.9 billion Series F at a post-money valuation of about $30.9 billion. Nvidia also committed $2 billion to Brookfield Asset Management’s global AI infrastructure fund. Elsewhere, the report covered funding across tokenized securities, RWA-backed finance, DePIN, AI chips, enterprise AI software, robotics and venture funds, showing how capital remained concentrated in infrastructure layers rather than consumer-facing narratives.

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