Drift Opens DFX Claims for Victims of April $299.5M Loss Event

Victims of Drift’s April 1 exploit can now claim DFX recovery tokens representing their verified losses, opening a redemption process designed to distribute USDT as the protocol rebuilds its recovery pool.

Eligible wallets receive one DFX for every USDT of verified loss, with total supply permanently capped at 299,500,810.998 DFX. Claims opened October 1 through dfx.drift.trade and remain available until 00:00 UTC on January 1, 2028, when all unclaimed tokens will be burned.

The mechanism follows the April attack that became one of 2026’s largest DeFi losses after a months-long social engineering operation compromised Drift contributors. Mandiant later attributed the operation to North Korean threat group UNC6862.

Early DFX Redemptions Return About One Cent Per Dollar

DFX can be redeemed directly against a USDT recovery pool that currently holds roughly 3.1 million USDT. At launch, each token is worth about 0.0104 USDT through the redemption mechanism, meaning an immediate redemption recovers just over one cent for every dollar represented by DFX.

Redeeming is permanent. The DFX used in the transaction is burned while the corresponding USDT is released, leaving the holder with no claim on future additions to the pool for those tokens. Holders can instead keep DFX while the pool grows or transfer and trade the SPL token on secondary markets such as Raydium.

The redemption rate is calculated from the recovery pool balance divided by outstanding DFX supply. New funding raises that rate, while redemptions remove USDT and DFX proportionally without reducing the value available per remaining token.

Velocity Revenue Feeds Recovery Pool Daily

Velocity trading activity now provides a recurring source of recovery capital. Fifteen percent of net trading fees goes to its Insurance Fund, another 15% funds vAMM capital and the remaining 70% becomes Net Protocol Revenue.

The recovery pool receives 60% of the first 30,000 USDT in daily Net Protocol Revenue, 70% between 30,000 and 100,000 USDT, and 90% above 100,000 USDT. Contributions arrive at 00:00 UTC each day and continue until the pool has received the full amount of verified losses.

Tether has separately committed up to $127.5 million toward Drift’s relaunch and user recovery, while other strategic partners have committed up to $20 million. The structure was first outlined through Drift’s $150 million recovery plan in April.

Any assets recovered through freezes, bounties or law enforcement will also enter the pool. The broader recovery followed an exploit that spread across Solana DeFi and affected assets ranging from JLP and stablecoins to SOL and wrapped Bitcoin.