CoinWorld.net reported on April 17 that stablecoin issuer Circle is facing a class-action lawsuit over the Drift Protocol security vulnerability incident. A Drift investor representative for more than 100 members filed a lawsuit in the United States Federal Court of Massachusetts, alleging that in the April 1 theft involving approximately $280 million from the Drift Protocol, Circle allowed an attacker to transfer approximately $230 million USDC from Solana to Ethereum within hours through Circle’s cross-chain transfer protocol without taking any intervention.



The complaint states that Circle assisted and abetted the conversion of assets and acted negligently. The plaintiffs’ attorney noted that about a week before the Drift incident, Circle had frozen 16 USDC wallets due to a sealed civil case, demonstrating that it had the technical capability.
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