Drift Opens Hack Recovery Claims, but First Payouts Cover Only About 1% of Losses

Velocity, the decentralized exchange formerly known as Drift, has started letting users claim compensation for the April exploit. Affected users receive one DFX recovery token for every USDT they lost. Holders can burn their tokens for USDT from the recovery pool, sell them on the secondary market, or hold on and wait for more funding. Waiting could bring people closer to full repayment, since each burn leaves fewer tokens to share future deposits. For now, one DFX redeems for just over 0.01 USDT, about a cent per dollar lost.

Recovery Pool Still Waiting on Tether and Partners

The dashboard shows 216,480 DFX redeemed for roughly 2,250 USDT, with the pool holding 3.11 million USDT in protocol assets. Between 60% and 90% of net protocol revenue will flow into the pool, though that came to only 31 USDT after the first day. Tether’s pledge of up to $127.5 million and up to $20 million from strategic partners have not yet appeared.

Stolen Funds Remain Largely Untouched

The Drift Foundation says about $295.4 million was taken on April 1, and Mandiant linked the attack to UNC6862, a North Korean threat group. Three attacker wallets still hold 107,165 ETH, worth nearly $286 million, while a fourth moved 23,094 ETH through Tornado Cash in July. About $9.2 million is frozen, and returning it requires a law enforcement order.