Drift hack recovery opened near one cent per dollar lost
Drift Protocol opened claims and redemptions for its DFX recovery token on Oct. 1, giving victims of its April exploit a technique to obtain the USDT stablecoin from the Recovery Pool. The exit has a everlasting tradeoff: redeemed tokens are burned and not share in future deposits.
In its launch announcement, Drift described a payout of about 0.0104 USDT per DFX from a pool holding roughly 3.1 million USDT. Because victims obtain one DFX for every USDT of verified loss, that launch fee represented about 1.04% of the corresponding loss. Those are Oct. 1 figures; a redemption pays the speed quoted when the transaction is made.
DFX is a transferable token on Solana, separate from the DRIFT governance token. Drift units its fastened allocation at 299,500,810.998 DFX, corresponding to just about 299.5 million USDT of verified losses. Outstanding provide falls as tokens are burned.
What redemption provides up
The USDT cost and DFX burn occur in one transaction: both each succeed or neither does. Drift says accomplished redemptions are remaining. If a holder redeems solely a part of their DFX, the tokens they hold proceed collaborating within the pool.
Future deposits are divided among the many DFX that stay. Cashing out due to this fact locks within the quoted recovery quantity for the tokens burned, whereas giving up their share of later income or recovered funds.
Selling DFX on a secondary market reminiscent of Raydium is a unique transaction. It transfers the tokens to a different holder fairly than redeeming them towards the pool. Holding preserves participation in future deposits, whose dimension and timing stay unsure.
The recovery dashboard defines the redemption value because the pool stability divided by excellent DFX. Under Drift’s acknowledged design, redemption removes money and burns tokens in the identical proportion, leaving that ratio unchanged. New deposits elevate the quantity redeemable per remaining token.
The assist plan introduced in April 2026 was restated in Drift’s Oct. 1 replace: as much as 127.5 million USDT from Tether for relaunch and person recovery, plus as much as 20 million USDT from strategic companions for recovery. Those dedication ceilings don’t measure money already out there for redemption.
In its April 16 announcement, Tether stated capital could be launched progressively and aligned with platform efficiency. Drift’s April recovery framework described a package deal together with a revenue-linked credit score facility, an ecosystem grant and market-maker loans. Such financing can assist a relaunch with out the total headline quantity changing into instantly out there to DFX holders.
Drift says a share of web protocol income from the Velocity trading platform enters the pool each day at 00:00 UTC, alongside any recovered stolen funds. Further recovery funding is dependent upon these deposits arriving; the commitments usually are not a promise that every sufferer will recuperate their full loss.
The DFX declare window closes Jan. 1, 2028, at 00:00 UTC, when unclaimed DFX shall be completely burned. That is a deadline to say tokens, fairly than a acknowledged redemption deadline. Insurance Fund claims observe separate phrases.
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