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Bitcoin Up 2 Weeks: Beginning or End?HTX Community Spring Creation ContestVote to help HTX win & share 300 USDT!Stablecoin issuer Circle faces lawsuit over $230M Drift Protocol hack Circle Internet Gr

Stablecoin issuer Circle faces lawsuit over $230M Drift Protocol hack


Circle Internet Group is facing a class action lawsuit led by a Drift Protocol investor claiming it failed to freeze funds stolen in a $280 million exploit of the protocol on April 1.

The lawsuit was filed by Drift investor Joshua McCollum on behalf of over 100 members in a US district court in Massachusetts on Wednesday, which accused Circle of allowing the attackers to transfer about $230 million worth of $USDC ($USDC) from Solana to Ethereum via Circle’s Cross-Chain Transfer Protocol (CCTP) over several hours without intervention.

“Circle permitted this criminal use of its technology and services,” attorneys representing McCollum wrote, adding: “These losses would not have occurred, or would have been substantially reduced, had Circle taken timely action.”

The suit accuses Circle of aiding and abetting conversion as well as negligence. Mira Gibb, the law firm representing McCollum and other Drift investors, is seeking damages, with the final amount to be determined at trial.

The case touches on a legal grey area around crypto companies that retain control over user funds. While such companies may have the technical ability to intervene or freeze assets, they often cite regulatory constraints or the lack of immediate legal authority as reasons for inaction — leaving accountability unclear as exploits unfold in real-time.

Source: James Seyffart

McCollum’s lawyers pointed out that Circle froze 16 $USDC wallets in connection with a sealed US civil case about a week before the Drift incident to argue that Circle had the technical capacity to do the same.

Cointelegraph reached out to Circle for comment, but didn’t receive an immediate response.

Crypto analytics firm Elliptic suspected the exploit was committed by North Korean state-backed hackers, who made over 100 transacti

Stablecoin issuer Circle faces lawsuit over $230M

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Bitcoin Up 2 Weeks: Beginning or End?HTX Community Spring Creation ContestMarket Rally! Claim Your AirdropDrift Protocol has announced a collaboration with Tether (USDT) and other partners totaling ne

Drift Protocol has announced a collaboration with Tether (USDT) and other partners totaling nearly $150 million to fund user recovery and a protocol relaunch following its April 1 exploit on Solana (SOL). The package includes a $100 million revenue-linked credit facility, an ecosystem grant, and loans to designated market makers. USDT will serve as the settlement asset when the protocol relaunches. Recovery Pool and Token for Impacted Users The funds, out of which $127.5 million is reportedly from Tether, will support a dedicated user recovery pool fed by exchange revenue and committed support capital. Drift stated that any assets recovered through ongoing law enforcement and blockchain forensics efforts will also flow into the pool. To distribute recovery assets, Drift will issue a new transferable token to users affected by the April 1 exploit. The team said additional details on token mechanics will follow in the near term. The April 1 attack drained between $270 million and $285 million from Drift’s vaults. Blockchain analytics firm Elliptic attributed the operation to North Korean state-linked actors who spent six months infiltrating the protocol’s inner circle. Attackers posed as a quantitative trading firm, built trust at conferences, and compromised devices through a malicious TestFlight app and a VSCode vulnerability. They then manipulated Drift’s multisig approvals using Solana’s durable nonces feature to drain core vaults holding USDC, SOL, and JLP tokens. The incident slashed Drift’s total value locked from $550 million to roughly $230 million. The Drift (DRIFT) token dropped over 30% in the immediate aftermath. The protocol’s TVL was $243 million as of this writing. Drift Protocol TVL. Source: DefiLlama Hardened Security and USDT-Centered Relaunch Before relaunching, every protocol component will pass independent audits from OtterSec and Asymm

Drift Protocol has announced a collaboration with

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📊 Bitcoin ETF Demand Increasing Bitcoin is seeing renewed attention due to rising demand from exchange-traded funds (ETFs). Recent reports suggest that institutional inflows are increasing again, whic

📊 Bitcoin ETF Demand Increasing

Bitcoin is seeing renewed attention due to rising demand from exchange-traded funds (ETFs). Recent reports suggest that institutional inflows are increasing again, which is providing strong support to the current price levels.

ETF activity is important because it represents long-term investment rather than short-term trading. When institutions enter through ETFs, it usually indicates confidence in Bitcoin’s future growth. This also reduces selling pressure in the market.

The steady inflow of capital is helping Bitcoin maintain stability even during uncertain market conditions. This is one of the key reasons why price is holding strong despite volatility in altcoins.

If this trend continues, Bitcoin could see sustained upward momentum in the coming sessions.

📊 Institutional support rising
📈 Long-term bullish signal

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BitcoinWorldZilliqa Price Prediction 2026-2030: Unveiling the Critical Path for ZIL’s Long-Term Recovery As the blockchain sector evolves beyond 2025, the Zilliqa (ZIL) price prediction for 2026 throu

Zilliqa Price Prediction 2026-2030: Unveiling the Critical Path for ZIL’s Long-Term Recovery

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edge soared to 1.2742 USDT, a new high with a 24-hour increase of 13.45%. It currently trades at 1.1689 USDT on HTX.

edge currently trades at 1.1689 USDT, up 13.45% in 24h, according to HTX market data.

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