Drift, a Solana-based decentralized perps crypto exchange, announced in a June 18 thread on X that affected users can now connect their crypto wallets to view Recovery Token allocations and check whether they qualify for Insurance Fund claims.
The recovery token, per the announcement, is called DFX and each token represents $1 of verified losses linked to the April 1 incident.
The exchange said verified losses were calculated using a 16:06 UTC pricing timestamp and an 18:31 UTC snapshot of users' spot and perpetual futures positions. However, as of press time, users can only view their allocations.
"DFX cannot yet be claimed, redeemed, or transferred," the team said, adding that Insurance Fund, payouts from Drift's backstop pool for covering platform losses, claims are expected to open in the coming weeks, while DFX claims will become available when the exchange relaunches.
Read also: Drift says relaunch will fund recovery, but past data suggests revenue alone could take decades
- According to Drift's recovery portal, DFX is a redeemable token that will eventually convert into Tether's USDT stablecoin at a redemption price determined by a Recovery Fund rate.
- Users will have 365 days to redeem tokens once claims open.
- After the deadline, any unclaimed DFX will be permanently burned, per the announcement.
The Insurance Fund itself wasn't affected by the incident, according to the exchange. Drift said assets belonging to Insurance Fund depositors remain intact and will be returned in full once users connect their wallets and complete the claim process.
- The compensation effort follows an April exploit that forced Drift to halt parts of its platform and begin designing a recovery framework for affected users.
- Drift hasn't yet announced a relaunch date, but said it is continuing work on reopening the platform.
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