The Drift Foundation has officially opened DFX recovery claims and redemptions for victims of its April 1 exploit, with approximately 3.11 million USDT currently available for distribution. According to the foundation's announcement, eligible wallets receive one DFX token for each USDT of verified losses from the exploit. Initial redemptions pay approximately 0.0104 USDT per DFX token, with redeemed tokens permanently burned to ensure transparency. The recovery framework separates DFX from the DRIFT governance token, with the foundation setting a cumulative funding target of 295,426,725.97 USDT.
The recovery funding includes multiple revenue streams and partnership commitments. Velocity contributes 60% of the first 30,000 USDT, 70% between 30,000 and 100,000 USDT, and 90% above 100,000 USDT of daily net protocol revenue. Tether has committed up to 127.5 million USDT for relaunch and user recovery, while strategic partners have committed up to 20 million USDT. The foundation's launch terms set the total DFX supply at approximately 299.5 million tokens, with no additional tokens to be minted. Under the May recovery methodology, Drift recorded spot and perpetual positions when the protocol paused at 18:31:47 UTC on April 1, using prices from 16:06 UTC to avoid distorted valuations during the incident.
The recovery process requires users to connect the wallet that controlled their Drift account on April 1, 2025. According to the foundation's instructions, users must maintain a small SOL balance for network fees and accept DFX terms before approving the claim transaction. The claim window closes at 00:00 UTC on January 1, 2028, after which all unclaimed tokens will be permanently burned. Under the May recovery methodology, Drift recorded spot and perpetual positions when the protocol paused at 18:31:47 UTC on April 1, using prices from 16:06 UTC to avoid distorted valuations during the incident. Users have the option to redeem their DFX tokens immediately, which burns the recovery tokens and ends their claim on future deposits, or wait for revenue-funded recovery.
The recovery framework separates DFX from the DRIFT governance token, with the foundation setting a cumulative funding target of 295,426,725.97 USDT. According to the May recovery plan, revenue contributions would stop once total inflows match this amount, with remaining tokens redeemable at full value or more. The foundation's launch explanation indicates that early redemption removes the holder's claim to subsequent deposits, with each token burning giving remaining tokens approximately 11% more of every future contribution. Drift also maintains its Insurance Fund remains intact for trading-related bankruptcies rather than exploit losses. Users can alternatively choose to sell their DFX tokens in the market rather than redeem them immediately.
