Drift Opens Claims for $290M Hack Victims with Limited Recovery Rate

Drift, a perpetuals exchange that rebranded as Velocity in July, has opened claims for users who lost over $290 million in its April 1 exploit. The Drift Foundation is offering one DFX token per USDT lost, redeemable for about a cent at launch from a pool that grows with the rebuilt exchange's daily revenue.

The Recovery Pool balance starts at around 3.1 million USDT, divided by the fixed supply of approximately 299.5 million DFX tokens. This rate increases as new money is added to the pool, which receives 60-90% of Velocity's net protocol revenue each day.

In addition to the daily revenue deposits, Tether has committed up to 127.5 million USDT and strategic partners have pledged up to 20 million USDT to the recovery effort.