Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Market Capitalization:2 551 099 257 538,3 USD
Vol. in 24 hours:118 378 804 682,32 USD
Dominance:BTC 59,33%
ETH:11,1%
Yes
>>Analyst Justifies Circle’s Decision Not to Freeze the $280 Million in Drift Hack Funds

Analyst Justifies Circle’s Decision Not to Freeze the $280 Million in Drift Hack Funds

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Analyst Justifies Circle’s Decision Not to Freeze the $280 Million in Drift Hack Funds

Legal Action Against Circle

A California class‑action suit accuses Circle of letting North Korea‑linked hackers move $280 million in USDC through its bridge, alleging negligence and an affirmative duty to freeze the funds. The complaint claims Circle aided the theft by providing the Cross‑Chain Transfer Protocol. Critics warn the lawsuit could set a precedent impacting all bridge operators.

Why Freezing Was Avoided

ARK Invest’s Lorenzo Valente argues the incident was a market/oracle exploit, not a simple robbery, placing it in a gray zone of legal trading strategies. Freezing funds without a court order would make the stablecoin subject to Circle’s daily discretion, undermining its permission‑less nature. He cautions that such discretion could spread across the on‑chain stack, prompting arbitrary reversals by bridges, DEXs, and wallets.

Risks of Discretionary Freezes

Valente notes that due‑process is a product feature; institutions rely on USDC because Circle cannot unilaterally zero balances. Aggressive freezes risk converting innocent liquidity providers into victims, exposing Circle to theft‑type lawsuits. Inconsistent past actions, such as unexplained wallet freezes, further erode credibility.

Drift’s Shift to Tether

While Circle defends its hands‑off stance, Drift Protocol announced a $150 million partnership with Tether, replacing USDC with USDT for settlements. The plan includes a $100 million credit facility and grants to support affected users. Circle’s CEO Jeremy Allaire reiterated that the company will act only when legally required.