Velocity Launches Recovery Claims for Drift Hack Victims
The decentralized exchange formerly known as Drift, now rebranded as Velocity, has launched a recovery claims process for users affected by a major hack in April. The hack resulted in the loss of approximately $295.4 million, with three attacker wallets still holding 107,165 ETH, worth around $286 million at current prices.
As part of the recovery process, users can claim one DFX token for every USDT lost in the hack. However, the current redemption rate is a meager 0.01 USDT per DFX, with a total of 216,480 DFX tokens already redeemed for about 2,250 USDT.
The recovery pool, which currently stands at 3.11 million USDT, is expected to grow significantly with the addition of up to $147.5 million pledged by Tether and strategic partners. However, these funds have not yet materialized, leaving users to redeem against a relatively thin reserve.