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BlockBeats News, April 14th, according to Fortune magazine, Paxos, a stablecoin and blockchain infrastructure company that has long partnered with large enterprises such as PayPal and Nubank. Recently

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🟢$TLM {spot}(TLMUSDT) #TLM SHORT LIQUIDATION ALERT 🟢 🔥 Liquidation Size: $1.3868K 📍 Price Level: $0.00170 🚀 Market Move: Price pushed into short liquidity, triggering a squeeze and forcing bears to co

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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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Sleep 8 hours but still aging fast. We analyzed 3,100 biological age profiles and found out: Sleep duration barely matters. Sleep timing does — by a factor of 6. 6.5 hours at the same time every night

Excited to announce our next Strategic Partner for the Kite AI Global Hackathon 2026: SMBC Nikko @smbcnikko_jp! 🚀 SMBC Nikko, a leading Japanese investment bank and a key member of the SMBC Group, bri

UMA's price saw a slight increase of 0.6% to 2.4%, trading between $0.41 and $0.42 with a 24-hour volume of $4.6M to $5.4M. Polymarket's $5M bug bounty program includes UMA Oracle Adapter as part of i

{alpha}(1USDT) {future}(ZROUSDT) MASSIVE WHALE DOUBLING DOWN ON $ZRO 🚨 Entry: $2.025 📉 This whale is down $25.25M and still holding 6M $ZRO! Liquidation sits at $1.49 with 5X leverage. This is pure co

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edge currently trades at 1.212 USDT, up 20.10% in 24h, according to HTX market data.

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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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