Drift Hack Victims Face Meager Reimbursement as Recovery Pool Falls Short

The victims of the Drift hack on the Solana blockchain have started to file claims for reimbursement. The initial fund pool, valued at approximately $3.11 million, is expected to cover only about 1 cent per dollar in losses.

The Drift exchange was hacked in April, resulting in a loss of around $2.954 billion USDT. A recovery pool was set up with an initial funding of $31.1 million. The pool's funds will come from various sources, including the revenue generated by Velocity, the rebranded and renamed trading platform formerly known as Drift.

Vault holders can choose to redeem their DFX tokens for USDT on Raydium or other secondary markets, or continue holding onto them. Once redeemed, the operation cannot be reversed. Unclaimed tokens will become invalid after January 1st, 2028.