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BREAKING: Circle Hit With Class Action Lawsuit
Circle is being sued after failing to freeze $230M in stolen $USDC during the Drift Protocol hack.
Here's what you need to know:
→ Hackers drained ~$285M from Drift on April 1
→ $230M+ USDC was bridged from Solana to Ethereum using Circle's own infrastructure, over 100 transactions in just 6 hours
→ Circle did nothing to stop it
→ Just 9 days earlier, Circle froze 16 wallets in a separate case, proving they had the ability
Charges: Negligence & aiding conversion
Filed on behalf of: 100+ investors
Drift is now dropping $USDC entirely and switching to $USDT after Tether committed $127.5M toward a $147.5M recovery package. $DRIFT token pumped 20% on the news.
The Real Question:
If Circle CAN freeze funds, Should they be LEGALLY required to during an active hack?