Circle responds to the Drift theft incident, calls for an open financial system to strengthen accountability and the rule of law

Deep Tide TechFlow News, April 10 — Circle Chief Strategy Officer Dante Disparte responded to the major security breach at Drift Protocol on April 1, where over $270 million was stolen. He stated that open financial systems must be built on rules that establish legitimate accountability, shared security, and real-time updates on threats. Circle’s freezing of USDC funds is only carried out when legally required, reflecting its compliance obligations to protect users’ assets and privacy rights. He emphasized that openness and accountability need to be balanced, and all participants in the ecosystem—including protocols, wallets, infrastructure, exchanges, and stablecoin issuers—must share responsibility for security and accountability. Circle is working with U.S. and international policymakers to promote stablecoin legislation, including the GENIUS Act, to establish a more modern legal framework that enables lawful and rapid intervention against illegal activities while safeguarding property rights and privacy, ensuring the continued healthy development of open financial systems.