dfx

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.

According to Drift Foundation monitoring, DFX claims and redemptions are now online. Users who have verified losses from the April 1 incident can receive 1 DFX for every 1 USDT lost. Each DFX corresponds to a claim on the Recovery Pool, which currently contains approximately 3.11 million USDT. The funding sources include a portion of the daily net income from the Velocity protocol, up to 127.5 million USDT from Tether, up to 20 million USDT from strategic partners, and assets recovered subsequently.DFX can be redeemed for USDT based on the formula "Recovery Pool balance ÷ DFX outstanding supply." The redeemed DFX will be destroyed, and the transaction is irreversible. The claims window will close on January 1, 2028, at 00:00 UTC, at which point any unclaimed DFX will be destroyed. Yesterday, the Drift Foundation announced the progress of fund recovery from the April 1 security incident, revealing that approximately 295 million dollars of user assets were stolen. The foundation has engaged Mandiant, zeroShadow, and SEAL 911 to conduct investigations and fund tracking, with Mandiant identifying the attacker as the North Korean threat group UNC6862.

The Hong Kong Securities and Futures Commission announced that the licensed virtual asset trading platform DFX Labs Company Limited reported "dfx[.]cn", "dfxcn[.]com", and other four websites as fraudulent websites. The Hong Kong Securities and Futures Commission has listed the relevant websites as suspicious virtual asset trading platforms.

The Hong Kong Securities and Futures Commission announced that the licensed virtual asset trading platform DFX Labs Company Limited reported "dfx.cn", "dfxcn.com", and two other websites as fraudulent sites. The Hong Kong Securities and Futures Commission has listed the relevant websites as suspicious virtual asset trading platforms.

ChainCatcher news, according to official information, SPAR Switzerland has announced a partnership with Binance Pay and DFX.swiss to support cryptocurrency payments in over 100 stores, with plans to expand to 300+ stores.Consumers can pay with over 100 cryptocurrencies, including stablecoins, without any gas fees, and payments are instantly converted to fiat currency settlement through DFX.swiss. Merchants can save two-thirds of commission fees compared to traditional card payments.

ChainCatcher news, according to Cointelegraph, Swiss supermarket chain Spar has announced a partnership with Binance Pay and Swiss fintech company DFX.swiss to launch cryptocurrency payment services nationwide. The service is currently live in 100 stores, supporting payments with over 100 cryptocurrencies and stablecoins, with plans to expand to 300 stores in the coming months.According to André Scherrer, Managing Director of Spar Switzerland, cryptocurrency payments can save merchants up to two-thirds of transaction fees compared to traditional card payments. After users complete the payment by scanning a QR code through the Binance Pay app, the funds will be automatically converted to Swiss francs.

ChainCatcher news, the official website of the Hong Kong Securities and Futures Commission has updated the information on virtual asset trading platform license applications today, which shows that "DFX Labs Company Limited" officially submitted its application for a virtual asset trading platform license to the Hong Kong Securities and Futures Commission on December 27. The company does not have a Chinese name, and the name of the virtual asset trading platform is "DFX Labs".As of now, there are 10 companies applying for a virtual asset trading platform license from the Hong Kong Securities and Futures Commission.

ChainCatcher news, according to intelligence from the SlowMist security team, the DFX Finance project on the ETH chain was attacked, resulting in the attacker profiting approximately $231,138. The SlowMist security team shared the following in a brief:The attacker first called the viewDeposit function in a contract named Curve to check the deposit status in the contract, and then constructed the appropriate amount of money to borrow for the flash loan based on the returned deposit status.Next, they continued with the flash function of the Curve contract for the flash loan. Since this function did not have reentrancy lock protection, the attacker utilized the flashCallback function in the flash loan to call the deposit function of the contract for depositing.The deposit function externally called the proportionalDeposit function of the ProportionalLiquidity contract, which transferred the funds borrowed in step two back to the Curve contract, recorded the deposit for the attacking contract, and minted deposit receipts for the attacking contract.By reentering the deposit function to transfer funds back to the Curve contract, the attacker successfully passed the balance check for the flash loan repayment.Finally, they called the withdraw function to make a withdrawal. During the withdrawal, the deposit receipt recorded for the attacking contract in step three was burned, allowing them to successfully withdraw approximately 2,283,092,402 XIDR tokens and 99,866 USDC tokens for profit.The main reason for this attack was that the flash loan function of the Curve contract did not implement reentrancy protection, allowing the attacker to reenter the deposit function to transfer tokens and pass the balance check for the flash loan repayment. Since there was a record during the deposit, the attacker could successfully withdraw and profit. (source link)

ChainCatcher news, according to PeckShield monitoring, the decentralized foreign exchange trading protocol DFX Finance DEX pool is suspected to have been attacked due to a lack of proper reentrancy protection, resulting in a loss of approximately 3000 ETH, equivalent to about 4 million USD. The stolen funds have currently been deposited into Tornado Cash. (source link)