{"id":96257,"date":"2026-04-17T11:17:30","date_gmt":"2026-04-17T08:17:30","guid":{"rendered":"https:\/\/u1f987.com\/en\/?p=96257"},"modified":"2026-04-17T11:20:19","modified_gmt":"2026-04-17T08:20:19","slug":"drift-protocol-investors-file-class-action-lawsuit-against-circle","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/drift-protocol-investors-file-class-action-lawsuit-against-circle\/","title":{"rendered":"Drift Protocol Investors File Class Action Lawsuit Against Circle"},"content":{"rendered":"

Joshua McCollum, a victim of the Drift Protocol hack, along with over 100 others, filed a lawsuit<\/a> against Circle in a Massachusetts court. The plaintiffs accused the issuer of the stablecoin<\/a> of aiding hackers and negligence.\u00a0<\/p>\n

According to the statement, the firm allowed cybercriminals to transfer approximately $230 million in USDC<\/a> to the Ethereum network through the cross-chain protocol CCTP<\/a> without hindrance.\u00a0<\/p>\n

\n

\u201cCircle allowed criminals to use its technology. If the company had intervened in time, these losses could have been avoided or significantly reduced,\u201d commented McCollum’s lawyers.\u00a0<\/em><\/p>\n<\/blockquote>\n

The victims of the attack are demanding full compensation from the issuer, with the final amount to be determined by the court.<\/p>\n

The lawyers pointed out that about a week before the Drift hack, Circle froze<\/a> 16 addresses as part of a classified civil case in the United States. In their view, this precedent proves the firm’s technical ability to promptly freeze funds.<\/p>\n

On-chain detective ZachXBT considers<\/a> the issuer’s slow response to illegal operations involving USDC unacceptable. After the Drift hack, he reported at least 15 instances of the company’s inaction, costing victims $420 million.\u00a0<\/p>\n

Circle’s Position and Community Reaction<\/h2>\n

Earlier, during a press conference, Circle CEO Jeremy Allaire defended<\/a> the decision not to intervene in the situation. According to him, wallet blocking is carried out solely at the direction of law enforcement agencies.<\/p>\n

Actions outside established legal procedures in private cases can create a \u201cserious moral dilemma,\u201d noted the head of the firm.\u00a0<\/p>\n

\n

\u201cIf someone believes that Circle should ignore the law and make its own decisions \u2014 that is a very risky position,\u201d added Allaire.<\/em><\/p>\n<\/blockquote>\n

ARK Invest’s Director of Digital Asset Research Lorenzo Valente supported the issuer. According to him, the company acted correctly: freezing funds without a court order opens the door to arbitrariness.<\/p>\n

\n

Ok, pretty much everyone is mad at @circle<\/a> and @jerallaire<\/a> for not freezing the ~$230M in USDC the @DriftProtocol<\/a> hacker bridged from Solana to Ethereum after the $285M exploit. Let me steelman why it was actually the right call \ud83e\uddf5<\/p>\n

1. “Code is not law, but law is not law\u2026 https:\/\/t.co\/eKOXzCSMGz<\/a><\/p>\n

\u2014 Lorenzo Valente (@LorenzoARK) April 16, 2026<\/a><\/p><\/blockquote>\n