News linked to both this project and an event.
According to Cointelegraph, stablecoin issuer Circle faces a class-action lawsuit in the U.S. District Court for the District of Massachusetts for failing to freeze stolen funds during the Drift Protocol hack on April 1. Plaintiffs allege that attackers transferred approximately $230 million worth of USDC from Solana to Ethereum via Circle’s cross-chain transfer protocol (CCTP) within hours—and that Circle failed to intervene. The lawsuit accuses Circle of aiding and abetting conversion and of negligence. Cryptocurrency analytics firm Elliptic previously suspected the attack may be linked to North Korea–backed hackers; the stolen funds were subsequently converted into ETH and laundered through Tornado Cash.
U.S. law firm Gibbs Mura has launched a class-action litigation investigation into the April 1, 2026, hack of Drift Protocol, reviewing potential investor claims against Circle Internet Financial. The attack resulted in the theft of approximately $280–285 million in assets. The attacker subsequently used Circle’s Cross-Chain Transfer Protocol (CCTP) to bridge over $230 million worth of USDC to Ethereum—Circle took no action to freeze the funds throughout the incident. Notably, just nine days prior, Circle had voluntarily frozen 16 business wallets in a separate civil dispute. Blockchain analytics firm Elliptic suspects the attack was carried out by a North Korea–backed hacking group. As a result of the breach, Drift Protocol’s total value locked (TVL) plummeted from $550 million to below $250 million, the DRIFT token price dropped more than 40%, and at least 20 DeFi protocols suffered indirect losses.