Drift Foundation: DFX is not pegged to 1 USDT, and the current recovery pool covers only about 1% of claims.

October 5: The Drift Foundation has issued a statement regarding DFX-related issues, stating that DFX is not pegged to 1 USDT. For every 1 USDT of verified loss incurred by a user, they can receive 1 DFX, but the actual redemption proceeds depend on the asset balance of the recovery pool at the time of redemption. Currently, the recovery pool can only cover about 1% of the total claim amount.

Redemption is not mandatory. Users may continue to hold DFX and, as funds are deposited into the recovery pool and the DFX supply decreases, retain their claim on the recovery pool; they may also trade on secondary markets such as Raydium.

Tether has committed to providing up to 127.5 million USDT to support Velocity's restart and user asset recovery, but these funds will be matched based on Velocity's net protocol revenue and have not been received as a one-time lump sum. January 1, 2028 is the DFX claim deadline, and DFX that has already been claimed will not be burned. If a user previously failed to claim, their allocation remains safe and they can try again. The website wallet warning issue has now been resolved.