Drift Exploit Victims Get Meager Repayment Rate

The Drift exploit that drained $295.4 million from Velocity in April has had a disappointing repayment rate for victims, according to an October 1 release by the project. The DFX recovery token, which is being used to repay affected users, works out to roughly one cent for every lost dollar.

The claims and redemptions window provides the first working portal for the tens of thousands of Drift users affected by the attack. The math behind the DFX recovery token is based on a calculation that converts each verified dollar lost in the Drift hack to one DFX token, which can be held, redeemed, or sold.

The token's USDT value is not fixed and is calculated by dividing the Recovery Pool balance by the number of DFX still outstanding. Currently, the token is worth around $0.03, although with thin liquidity of around $200,000, implying volatility.

Speculative trading on DFX has gotten hot, climbing about 210% in 24 hours. However, any additional funds recovered from the stolen total form a less predictable fourth stream.