Velocity Opens DFX Claims After $295M Drift Hack, Sets 1% Recovery Rate

Velocity, formerly known as Drift, has opened claims for users affected by the $295.4 million theft from its Solana-based exchange in April.

Users can claim one DFX token for each USDT lost in the attack. The compensation pool currently holds about $3.11 million, putting the initial redemption value at roughly $0.0104 per DFX, or about 1% of the reported losses.

Velocity has capped the DFX supply at 299.5 million tokens and said no more will be created. The Foundation plans to use platform revenue to replenish the compensation pool over time.

Recovery Pool Gains Funding

Velocity will direct part of its net protocol revenue to the compensation pool. The share will be 60% on the first $30,000, 70% on revenue between $30,000 and $100,000, and 90% on amounts above $100,000.

Related: NEAR Intents $3.8 Million Exploit: What Users Should Know and Do

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