Drift opens exploit recovery claims with initial payouts of just over 1% of user losses
Decentralized exchange Velocity, formerly Drift, has opened claims for users who lost funds due to its April exploit, allowing them to collect recovery tokens tied to their losses.
The platform said on Thursday that users can claim one DFX token for every USDT lost. Holders then have the option of redeeming and burning their DFX for USDT from Drift's recovery pool, selling them on the secondary market, or holding them to wait for more recovery funding.
The latter option will theoretically get a user closer to full reimbursement, because as tokens are burned, newer deposits are divided among fewer DFX.
For now, each DFX can only be redeemed for a little over 0.01 USDT, the rough equivalent of getting back one cent for every dollar lost.
On Friday, Velocity's DFX redemption and recovery dashboard showed that 216,480 DFX had been redeemed for roughly 2,250 in USDT payouts. The total pool stands at 3.11 million USDT, comprised of protocol assets. Velocity will also sweep between 60% and 90% of its net protocol revenue into the recovery pool, though after the first day, that has amounted to just 31 USDT.
The dashboard had not yet recorded a contribution from Tether, which committed up to $127.5 million to support the relaunch and user recovery. Also not yet reflected was the up to $20 million pledged by strategic partners.
Asset recovery updates
The stolen assets were bridged to Ethereum, with three attacker wallets still holding 107,165 ETH worth nearly $286 million. A fourth wallet previously moved 23,094 ETH through crypto mixer Tornado Cash in July.
About $9.2 million of the stolen funds have been frozen so far, according to the foundation, which will ideally go into the DFX recovery pool once cleared by law enforcement.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Evogene announces special shareholder meeting
Evogene will hold a special general meeting of shareholders in Rehovot, Israel on Nov. 10, 2026. Shareholders will vote on electing Oz Adler and Dr. Adi Zuloff-Shani to the board. Ballots will also cover the election of Itay Maroz and Shahar Zadok, subject to approval of a cooperation agreement. The meeting will also vote on a cooperation agreement between Evogene and L.I.A. Pure Capital and Invest-Pro Shukai Hon. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Evogene Ltd. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001178913-26-004722), on October 06, 2026, and is solely responsible for the information contained therein.
UK names 6 banks to lead first digitally native government bond
Altaris Completes Acquisition of Simulations Plus
02:57 PM EDT, 10/06/2026 (MT Newswires) -- Simulations Plus (SLP) said Tuesday that affiliates of Altaris have completed the acquisition of the company. The transaction price was $375 million, with each Simulations shareholder receiving $18.50 in cash per share, according to an earlier statement. As a result of the acquisition, Simulations said it has become a privately held company and its common stock will no longer trade on the Nasdaq Global Select Market.
Ondo Finance brings pre-IPO AI exposure on-chain — But there’s a catch
Crypto prices
More
