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Flash

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 Cross-chain trading platform Relay API exposes pending transactions, which will compensate approximately $312,000

Co-founder and Chief Operating Officer of the cross-chain trading platform Relay, Jason Maier, stated that the team discovered an issue with the Relay API over the weekend, which exposed pending transaction information before trade execution. MEV seekers exploited the pending routing status to infer on-chain paths and front-run trades before order execution, resulting in worse execution prices for users trading through Relay.This activity occurred from September 12 to September 26, primarily concentrated from September 23 to 26. Seekers profited approximately $136,000 from this, affecting around 5,600 users, with a median impact of $11.88. Relay will pay a $50,000 bounty to Outputlayer for reporting the issue and will automatically compensate affected users without the need for applications; funds will be directly sent to wallets, with a total compensation amount of approximately $312,000.Jason Maier stated that MEV can arise through public mempool exposure, order detail inference, malicious participation in auctions, or data gaps between service providers, and protecting a single link in the transaction path is not sufficient. He mentioned that the team will continue to enhance the execution quality and privacy of the entire transaction path and called on security researchers to report vulnerabilities when discovered.

first_img Analysis: Some B300 transaction prices exceed 24 USD per hour

User gpugene stated during a discussion on computing power trading: Some B300 transaction prices have exceeded 24 dollars per GPU hour, and the price of computing power with a term shorter than 1 year remains above 7 dollars and is still rising. gpugene expressed the hope to use computing power derivatives to guard against the rise in GPU hour prices while retaining the flexibility to adjust rental durations; if inference clouds sell services at fixed prices and their own GPU bills fluctuate, they have effectively taken on the risk of computing power price changes.The article provides an example where a supplier can offer a plan for 2048 B300s, available for rent for 5 years at 4.15 dollars per GPU hour, corresponding to an amount of 372,264,960 dollars. If the client goes live after 12 months and uses this scale from the 13th to the 15th month, the total would be 4,485,120 GPU hours. gpugene calculated that the current premium for a call option with an exercise price of 4.50 dollars is approximately 4.83 million dollars; if changed to a compound option, the current payment would be about 2.70 million dollars, with an additional payment of about 4.49 million dollars upon exercising in the 12th month.gpugene also compared 4000 hypothetical 5-year rental and demand paths. The average cost of annual renewal is 4.72 dollars per hour, with the worst 5% scenario averaging 10.91 dollars; after adding the call option, these figures change to 4.88 dollars and 7.20 dollars, respectively, with the premium included. gpugene believes that the emerging computing power derivatives market may change how neocloud and related participants expand and protect themselves.

DyorSwap: The previously identified "GIWA Mainnet" is actually a fake chain built by scammers, and compensation for affected users will be provided through treasury funds

DyorSwap officially announced that the so-called "GIWA Mainnet" identified by the team earlier is actually a fake chain set up by scammers. This fake network used the correct GIWA chain ID (9134), making it appear legitimate during the initial verification phase. The team also identified several suspicious messages and individuals within the related community that may be connected to this incident. The announcement stated that significant losses have occurred due to this fraudulent cross-chain bridge.DyorSwap stated that it is taking three immediate actions: first, contacting a professional security team to conduct further on-chain tracking and investigate the involved addresses, transactions, and fund flows; second, preserving all relevant evidence, including chat records, RPC information, cross-chain bridge addresses, and on-chain transactions; third, preparing to use treasury funds to compensate affected users, with eligibility criteria, loss verification processes, compensation scope, and detailed plans to be announced after the investigation and verification processes are completed.DyorSwap emphasized that until further notice, users should not use any unofficial GIWA mainnet RPCs, cross-chain bridges, or contracts, and should not send funds to any related addresses. The official team deeply apologizes to every affected user in this incident and states that subsequent updates will be released as soon as possible.

DyorSwap: The previously identified "GIWA Mainnet" is actually a fake chain built by scammers, and compensation for affected users will be provided through national treasury funds

DyorSwap officially announced that the so-called "GIWA mainnet" previously identified by the team is actually a fake chain set up by scammers. This fake network used the correct GIWA chain ID (9134), making it appear legitimate during the initial verification phase. The team also identified several suspicious messages and individuals within the related community that may be connected to this incident. The announcement stated that significant losses have occurred due to this fraudulent cross-chain bridge.DyorSwap stated that it is taking three immediate actions: first, contacting a professional security team to conduct further on-chain tracking and investigate the involved addresses, transactions, and fund flows; second, preserving all relevant evidence, including chat records, RPC information, cross-chain bridge addresses, and on-chain transactions; third, preparing to use treasury funds to compensate affected users, with eligibility criteria, loss verification processes, compensation scope, and detailed plans to be announced after the investigation and verification processes are completed.DyorSwap emphasized that until further notice, users should not use any unofficial GIWA mainnet RPCs, cross-chain bridges, or contracts, and should not send funds to any related addresses. The official team deeply apologizes to every affected user in this incident and states that subsequent updates will be released as soon as possible.
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