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📌 #Circle sued for failing to freeze assets to prevent Drift's $280M hack
Drift Protocol was hacked for ~$280M. The hacker bridged most of the USDC to Ethereum via Circle's CCTP. Everything happened publicly on-chain.
Investors filed a class-action lawsuit, accusing Circle of not intervening despite having the tools. The plaintiffs allege: “Circle allowed its technology to be used for criminal purposes. These damages could have been avoided or at least significantly reduced if Circle had acted promptly."
In response to the criticism, Circle CEO Jeremy Allaire stated that the company only freezes assets when there is an official request from law enforcement or a court.
Previously, Circle had frozen 16 USDC wallets in another civil case just days before the Drift incident, and they even froze $57M $USDC linked to the memecoin LIBRA. Clearly, Circle has the technical capability to intervene when necessary.
Selective decentralization.