TL;DR:
- The initial recovery pool has 3.11 million USDT available for redemptions by verified victims.
- Total issuance stands at 299.5 million DFX tokens, allocated at a rate of one DFX per USDT lost.
- The claim window will remain open until January 1, 2028, at 00:00 UTC.
Starting this Thursday, October 1, the Drift Foundation portal is live to process DFX redemptions, allowing victims of the security incident that occurred on April 1 to begin recovering a portion of their affected capital.
DFX Claims and Redemptions are now live.
If you had a verified loss from the 1 April incident, you can claim 1 DFX for every 1 USDT lost.
Claim: https://t.co/Xo96Hqmjm3
How it works: https://t.co/WAQTh7QV17The claim window closes at 00:00 UTC on 1 January 2028. Unclaimed DFX…
— Drift Foundation (@DriftFDN) October 1, 2026
The initiative establishes a fixed distribution of SPL tokens on the Solana network based on a snapshot taken at the time of the attack. During the exploit, a protocol vulnerability led to the draining of approximately $295 million in user assets.
The total minted supply was set at 299,500,810 DFX, allocating exactly one token for every verified USDT in losses. Technical documentation from the foundation specifies that no additional units will be minted under this settlement mechanism.
At launch, users with verified losses have access to a conversion rate close to 1% of their original balance. During the platform’s initial hours of operation, each DFX token is redeemable for approximately 0.0104 USDT.
Burn Dynamics and Fund Financing Sources
Holders have three options within the ecosystem: execute a direct redemption for USDT, transfer their positions to secondary markets such as Raydium, or hold the tokens in anticipation of future capital injections.
When a user chooses to redeem, the corresponding DFX tokens are permanently burned within the same transaction. According to Drift’s operational breakdown, this reduction in circulating supply increases the backing ratio that remaining holders will receive from subsequent contributions. For instance, models published by the organization indicate that if 10% of circulating tokens are redeemed early, the remaining supply would absorb roughly an additional 11% of every future deposit.
The capital backing the fund originates from several operational channels and institutional commitments. A portion of net revenue from the Velocity protocol is deposited daily at 00:00 UTC. Furthermore, project reports outline a backstop commitment of up to 127.5 million USDT from Tether, alongside 20 million USDT pledged by strategic partners. Additional capital may stem from assets seized through legal interventions or bounty recoveries.
Forensic firm Mandiant, alongside SEAL 911 and zeroShadow, assisted in tracing the April 1 incident, attributing the attack to the North Korean group UNC6862. To incentivize voluntary restitution, the protocol established a 10% bounty program in May on recovered assets.
Regarding internal coverage, the Drift Insurance Fund remained untouched, as it is strictly reserved for trading liquidations rather than external security breaches. Deposits belonging to that fund were unlocked for withdrawal in July, remaining independent of the DFX settlement framework.
The claims process carries a hard deadline of January 1, 2028, at 00:00 UTC. Once that formal window expires, all DFX tokens left unclaimed by authorized addresses will be permanently destroyed via a contract burn.
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