Drift Starts IOU Distribution for Security Breach Victims

Drift Foundation has begun distributing IOUs to victims of the April 1 security breach on its Solana-based protocol. The exploit, attributed to a North Korean-affiliated group, drained an estimated $295.4 million from users.

The recovery token, DFX, is being distributed at a rate of one token for every USDT of verified loss. The claim period will remain open until January 1, 2028, after which any unclaimed tokens will be burned.

The recovery pool currently holds around $3.8 million in protocol assets and is expected to receive additional funding from Tether, partners, frozen assets, exchange revenue, and bounties.

Tether's anticipated support of up to $127.5 million has been described as 'anticipated' rather than guaranteed, leaving some uncertainty about the total amount that will be made available for recovery.