Velocity Opens Compensation Claims After Drift Hack

Velocity, formerly known as Drift, has opened claims for users affected by an April attack that resulted in losses of about $295.4 million. The exchange has been working to compensate its users and has received ongoing protocol revenue, which will be added to the compensation pool.

The pool currently holds around 3.11 million USDT, with each dollar lost entitling eligible claimants to one DFX token. Each DFX is redeemable for approximately 0.0104 USDT at the moment.

Tether has committed up to $127.5 million in support of Velocity's restart and user compensation. The claims process will close on January 1, 2028, with a total supply of around 299.5 million DFX tokens planned.