Drift Protocol begins DFX token redemptions for exploit victims

Drift Protocol has officially launched the claims and redemption process for its DFX tokens, aimed at compensating victims of an exploit that occurred in April. As of October 1, the redemption rate was approximately 0.0104 USDT per DFX, representing a recovery of about 1.04% of verified losses.

The redemption process involves a simultaneous transaction where the submitted DFX tokens are burned and the user receives USDT from the Recovery Pool. Once a redemption is completed, it is final. Users who choose to redeem only a portion of their DFX can keep the remaining tokens, which will continue to participate in future deposits and revenue sharing.

The Recovery Pool currently holds approximately 3.1 million USDT. This follows a support plan announced by Tether in April, which included a 127.5 million USDT support plan and an additional 20 million USDT from strategic partners, with funds being integrated based on platform performance. The total fixed allocation for DFX is approximately 299.5 million tokens, corresponding to the verified losses. The claims window is scheduled to close on January 1, 2028, after which any unclaimed tokens will be permanently burned.