Drift opens DFX claims for users hit by April 1 incident
Security & Exploits ·
Drift Foundation has activated a claims and redemption process letting affected users convert verified losses into DFX tokens backed by a dedicated recovery pool.
Users with confirmed losses from the April 1 incident can now claim DFX tokens at a fixed ratio of one token for every 1 USDT lost, according to wublockchain.xyz. Each token functions as a claim against a Recovery Pool, which presently totals roughly $3.11M in USDT.
The pool draws from several funding streams rather than a single source. A portion of daily net revenue generated by Velocity feeds it on an ongoing basis, alongside contributions of up to $127.5M committed by Tether and as much as $20M pledged by strategic partners. Any additional funds recovered from the incident are also directed into the pool.
Redemption value is not fixed but floats with the pool's balance: holders can exchange DFX for USDT at a rate derived by dividing the current pool balance by the total outstanding DFX supply, meaning payouts shift as the pool grows or as more tokens are redeemed. Once exchanged, DFX is permanently burned and the transaction cannot be reversed, Drift Foundation said, a detail also noted in the foundation's own announcement.
The program carries a hard deadline: the claims window shuts at 00:00 UTC on January 1, 2028, and any DFX not claimed by that point will be burned outright. The structure was corroborated by a separate report describing Drift Protocol's rollout of the same claims mechanism tied to the recovery pool.
What remains unclear is how quickly the Recovery Pool will grow relative to outstanding DFX supply, since the redemption rate depends entirely on that ratio and neither the pace of Velocity's revenue contributions nor the timing of Tether's and partners' funding has been detailed. Also unresolved is the total size of verified losses from the April 1 incident, which would determine how much DFX is ultimately issued against the pool.