Drift Foundation Opens DFX Claims and USDT Redemptions After April 1 Theft
AI Market Summary
Drift Foundation has launched DFX claims/redemptions for verified April 1 losses, issuing 1 DFX per 1 USDT lost and enabling pro-rata USDT redemption from a Recovery Pool initially at ~3.11m USDT, funded by protocol revenue, up to 127.5m USDT matching from Tether, partner contributions, and recovered assets. The program formalizes recovery mechanics and timelines through 2028 while investigations attribute the hack to NK-linked UNC6862.
Impact level
● Medium
Affected assets
DRIFT/USDT+6.65%
AI Insight · DRIFT/USDTAI Insight
● Neutral
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DFX claims and redemptions are now available, according to monitoring by the Drift Foundation.
Users whose losses from the April 1 incident have been verified can claim 1 DFX for every 1 USDT lost. Each DFX functions as a claim on the Recovery Pool, which currently holds about 3.11 million USDT.
The Recovery Pool is funded by a portion of Velocity's daily net protocol revenue, up to 127.5 million USDT in matching funds from Tether, up to 20 million USDT contributed by strategic partners, and any assets recovered later.
DFX can be redeemed for USDT based on the formula: "Recovery Pool Balance ÷ Outstanding DFX Supply". Redeemed DFX will be burned and the redemption cannot be reversed.
The claim window closes at 00:00 UTC on January 1, 2028. Any DFX not claimed by that time will be burned.
The foundation also provided an update on the April 1 security incident, in which roughly $295 million in user assets were stolen. Drift Foundation said it has engaged Mandiant, zeroShadow, and SEAL 911 to investigate and trace the funds. Mandiant attributed the attack to UNC6862, a North Korean threat group.
