Circle Sued Over $280M Drift Protocol Hack
A class action lawsuit has been filed against Circle Internet Group in a US district court in Massachusetts.
The lawsuit accuses the stablecoin giant of failing to freeze funds during a $280 million exploit of Drift Protocol ( $DRIFT ) on April 1.
The suit, led by investor Joshua McCollum on behalf of over 100 victims, claims Circle allowed attackers to move roughly $230 million in $USDC from Solana to Ethereum via its own Cross-Chain Transfer Protocol over several hours.
Attorneys argue Circle "permitted this criminal use of its technology." Damages remain to be determined at trial.