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Drift's compensation plan has caused dissatisfaction, with a loss of about 1 dollar for every 100 dollars

The perpetual contract protocol Drift (now Velocity) Foundation has opened claims and redemptions for the security incident on April 1. Affected users can claim newly issued compensation tokens DFX at a rate of 1 DFX for every $1 of verified loss. DFX is a Solana standard SPL asset, with a fixed total supply of approximately 299.5 million tokens, corresponding to about $295.4 million in verified losses, and no further issuance will occur.Users can destroy DFX on the official portal and redeem it for USDT at the redemption price, or trade it on secondary markets like Raydium. The redemption price is determined by the balance of the recovery pool divided by the number of DFX tokens that have not yet been destroyed. Currently, there are about 3.11 million USDT in the pool, with a redemption price of approximately $0.0104, allowing for about $1 back for every $100 lost, covering about 1% of the losses, which has caused dissatisfaction in the community, believing there is a significant gap from the expected full compensation.The plan also includes a maximum support commitment of $127.5 million from Tether, up to $20 million from partners, as well as subsequent sources such as transaction fee sharing from the new trading platform Velocity and the recovery of stolen funds, most of which are upper limits or installment arrangements, and were not included in the pool on the opening day. After the DFX launch, the redemption price remains around $0.0104, while the secondary market trading price has risen from about $0.01 to approximately $0.03, with a 24-hour increase of about 210%, and liquidity at that time was around $200,000. The tokens can be freely transferred, and the trading price does not have to equal the redemption price; buyers are mainly concerned with subsequent funding, protocol revenue, recovered funds, as well as the impact of early redemptions and the destruction of unclaimed portions after the window closes on January 1, 2028.

first_img Celsius v. Chainalysis most charges dismissed, one incitement charge allowed to proceed

According to Cointelegraph, a U.S. federal judge dismissed most of the claims made by the Celsius litigation administrator against the blockchain analytics company Chainalysis, but allowed one to proceed.U.S. District Judge Margaret Garnett of the Southern District of New York ruled on Tuesday, rejecting Chainalysis's request to dismiss the incitement charge, determining that the complaint sufficiently alleges that Chainalysis was aware that a press release issued by Celsius in 2020 contained false statements and assisted in disseminating that information.The court simultaneously dismissed 12 other claims with prejudice, prohibiting the plaintiffs from amending in this case; another 3 consumer protection claims were dismissed without prejudice, requiring the plaintiffs to amend or notify the court by October 20.The lawsuit was initiated by the Blockchain Recovery Investment Consortium (BRIC), which acts as the litigation administrator and claims manager for Celsius's bankruptcy estate, representing Celsius and some former clients in asserting rights. Chainalysis declined to comment to Cointelegraph.The core of the case revolves around a $3.3 billion "audit." In 2020, Celsius used Chainalysis's Reactor software to calculate its managed asset size and publicly announced the results as an audit.According to the complaint outlined by the court, a Celsius executive initially calculated approximately $1.18 billion in assets using Reactor, which later increased to about $3.3 billion due to adjustments in methodology.

first_img Jensen Huang: AI model distillation is competition, not theft

NVIDIA CEO Jensen Huang stated in an interview with CNBC's "Squawk Box" on Monday that training or learning with competitors' products is part of competition, and he refused to label AI model distillation as theft. When asked if distillation is not robbery, Huang said that it is competition. He mentioned that people can test others' products, and NVIDIA's products are sometimes taken apart to the bare bones to understand how they work; he would prefer that others do not learn from NVIDIA products, but competition makes everything better. If one does not want others to use their products, they can identify customers and discontinue services.U.S. officials have accused Chinese AI companies of using distillation, which involves training models with outputs from other models, extracting capabilities from U.S. systems. U.S. Treasury Secretary Scott Bansen stated in July that this practice is theft and threatened to impose sanctions on overseas companies that utilize distillation to extract capabilities from U.S. models. The White House did not immediately respond to CNBC's request for comment, and U.S. officials are considering measures against overseas companies that use distillation.Earlier this month, the U.S. Cybersecurity and Infrastructure Security Agency accused Chinese AI companies of conducting industrial-scale knowledge distillation activities, violating the terms of use for U.S. companies. AI company Anthropic stated earlier this month that it found Alibaba's Qwen series models and DeepSeek engaging in illegal distillation. The Chinese side denied these accusations.
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