Crypto Shockwave: Circle Sued As $280 Million Drift Hack Unravels
North Korean hackers likely pocketed hundreds of millions in stolen crypto — and now a US court is being asked to decide whether a stablecoin giant should have stopped them. Related Reading: X Money’s Crypto Ambitions Draw Fire From Senator Over Security Fears Circle’s Own Track Record Becomes A Key Weapon A class action lawsuit […]
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France’s Finance Minister Roland Lescure has called for the development of more Euro-pegged stablecoins. This comes amid rising tensions between the European Union and the US, as the EU seeks to weaken US dominance over its payment systems. Related Reading: Crypto Shockwave: Circle Sued As $280 Million Drift Hack Unravels Euro-Stablecoins: Europe’s Push For Financial […]
Circle (CRCL), the issuer behind the USDC stablecoin, is facing a fresh lawsuit in Massachusetts tied to the $280 million Drift Protocol hack that occurred on April 1. The complaint, filed by plaintiffs represented by the law firm Gibbs Mura, alleges that Circle did not take action to freeze stolen funds even though it had both the technical ability and contractual authority to do so. Drift Hack Fallout According to the lawsuit, attackers drained an estimated $280–$285 million from the Solana-based exchange in less than 12 minutes. The stolen assets were then moved from Solana to Ethereum....
Circle (CRCL) has responded publicly to mounting criticism tied to the exploit of Solana’s Drift Protocol, an attack that reports say siphoned roughly $270–$285 million from the decentralized venue. Amid backlash circulating on social media, critics allege that the USDC issuer failed to stop the stolen funds, even though the stablecoin has mechanisms—such as freezing […]
Solana-based Drift Protocol has suffered the largest exploit of 2026 to date, losing nearly $300 million in a “highly sophisticated operation” that has raised concerns about the growing threat of human-targeted attacks in the crypto space. Related Reading: Bitcoin ETFs Break Four-Month Negative Streak With $1.32B Inflows While ETH, XRP Funds Bleed Solana DEX Loses $285M On April Fool’s Day On Wednesday, Solana-based decentralized exchange (DEX) Drift Protocol was the victim of an exploit that stole hundreds of millions of dollars from its vaults. After online reports flagged unusual....
Drift Protocol announced on Tuesday that it has laid out a recovery plan for users affected by the April 1 exploit, an incident that resulted in a major loss of roughly $295 million in user funds on the lending decentralized exchange (DEX). Drift Protocol’s $295M Recovery Plan Drift Protocol’s plan centers on a recovery token […]