🧾 One cent on the dollar — that is the current payout for victims of Drift’s April hack
The exchange Drift, now Velocity, has opened claims for everyone who lost funds on April 1. Each verified USDT of loss gets one DFX token; supply is fixed at 299.5 million and no more will be minted.
How the recovery works
DFX is redeemed for USDT from a recovery pool. The redemption amount is the whole pool divided by the outstanding supply: the pool holds about 3.1 million USDT today, so one token is worth roughly 0.0104 USDT. It is topped up once a day with a share of Velocity’s net protocol revenue — 60% to 90%, depending on daily volume. A token burned at redemption no longer shares in later deposits, so the claim of everyone still holding grows.
The big money has not landed yet: Tether pledged up to 127.5 million USDT and partners up to another 20 million. About 295.4 million was stolen. Claims stay open until January 1, 2028; unclaimed DFX burns.
#analysis
🔗 My channels: Youtube • X • Site
The exchange Drift, now Velocity, has opened claims for everyone who lost funds on April 1. Each verified USDT of loss gets one DFX token; supply is fixed at 299.5 million and no more will be minted.
How the recovery works
DFX is redeemed for USDT from a recovery pool. The redemption amount is the whole pool divided by the outstanding supply: the pool holds about 3.1 million USDT today, so one token is worth roughly 0.0104 USDT. It is topped up once a day with a share of Velocity’s net protocol revenue — 60% to 90%, depending on daily volume. A token burned at redemption no longer shares in later deposits, so the claim of everyone still holding grows.
The big money has not landed yet: Tether pledged up to 127.5 million USDT and partners up to another 20 million. About 295.4 million was stolen. Claims stay open until January 1, 2028; unclaimed DFX burns.
#analysis
🔗 My channels: Youtube • X • Site