Drift Hack Recovery Seeks Redemption at 99.9% Discount

Key Summary

Drift Protocol has opened claims and redemptions for its DFX recovery token, allowing victims of the April exploit to receive USDT stablecoin from the Recovery Pool. The redemption process pays out about 1.04% of the corresponding loss, with a payout of approximately 0.0104 USDT per DFX. The pool holding roughly 3.1 million USDT has a fixed allocation of 299,500,810.998 DFX, corresponding to nearly 299.5 million USDT of verified losses. Redemptions result in tokens being burned and no longer participating in future deposits, while the redemption price is determined by the pool balance divided by outstanding DFX.