Drift was hacked for half a year, the project team changed its name, and users received IOUs.
In this post-disaster reconstruction, the brand came back first, the principal is still on the way 😂
Nearly $300 million was stolen in April, now Drift has been renamed Velocity, rebranded, shifted to USDT settlement, introduced Tether support, and co-founder Cindy has also announced her resignation.
There have been many moves to restart, but what about compensation?
For every 1U lost, you receive 1 DFX token.
According to the screenshot redemption price, each token can only be exchanged for about 0.0104 USDT.
Losing 10,000U means currently getting back about 104U.
Note, this is currently about 1% redeemable, the rest is waiting for subsequent funds to arrive, not fully compensated yet.
Even more surreal, DFX can still be traded, with the price once rising from about $0.01 to $0.03.
Victims wait for compensation, traders speculate on expectations.
Originally came to trade, but ended up forced to study when to sell their own IOUs.
My view: Resuming operations and allowing debt transfer is indeed a better path than simply going silent. But this arrangement also puts users in an awkward position — to get more money back, they have to hope the platform that caused the problem continues to make money.
The project team needs new business, users need their old principal.
These two things can advance together, but the restart cannot be packaged as compensation already completed.
Changing the name is not repaying money, issuing certificates is not full compensation.
The sincerity of so-called reconstruction is ultimately judged by funds received, not by the logo.
Market price is not equal to redemption price, liquidity is thin, for information sharing only.
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