Drift (DRIFT)

It's almost impossible to tell if we will recover anything from Drift.

But here is my dubious speculation.

> Drift said the % of net revenue that will go to recovery is subject to DAO vote.

> Drift DAO votes have had crazy low turnout.

> Team/insiders will easily have enough governance power to swing vote to whatever suits them.

Assuming they vote to allocate a larger % initially with ability to change it via future vote.

That way they don't piss victims off too much and can entice some to potentially trade there again.

Let's say 90% to recovery.

> Last year's revenue was $19.8M

> slash that to $2M in year 1 of resuming operations.

> $500k per quarter goes to the recovery pool.

It will take three quarters for victims to begin redeeming their recovery token.

This takes us to 2027.

With no reasonable prospect of recovery in 2026 - talk to your CPA about whether theft loss could apply.

But in 2027, when the recovery pool reaches $5M you will get 1.69% of your funds back if you sell the token.

That's just $16.9 if you had $1k in Drift at the time of the hack 😭

But what about potential tax saving?

Depends on the size of your claim, tax rate, and whether your tax advisor will support theft loss claim.

Let's say you lost $10k

> instantly sell the recovery token for $169
> CPA willing support writing it off as an ordinary loss >average tax rate is 30%.

You would have $10k loss - $169 recovered = $9831 ordinary loss

At 30% this is $2949.3 in tax saving.

Total recovery = $3118.3

Still hurts.

But a silver lining.

Drift announces a recovery plan for the $295 million hacking loss

https://t.co/jsRG8PYgeL https://t.co/Wod10JE1Ap

The silver lining of the Drift hack was a juicy tax write off.

But did the recovery plan just f*ck us over? 👇