Drift Protocol
Circle (CRCL) Stock Targeted in Class Action Over $280M Drift Protocol Breach
The USDC stablecoin issuer Circle Internet Group finds itself entangled in significant legal controversy. A class action complaint lodged Wednesday in Massachusetts district court alleges the company remained passive as cybercriminals transferred approximately $230 million in USDC in the aftermath of 2026's most devastating cryptocurrency thefts.
Circle faces lawsuit as $230M in stolen USDC moved across chains after Drift breach
A new class action lawsuit has put Circle under legal scrutiny over its response to the movement of stolen USDC following the Drift Protocol hack. According to a filing in a U.S.
Circle Faces Lawsuit After $280M Drift Protocol Exploit
Circle is facing a class action lawsuit after Drift Protocol investors claimed the company failed to stop the movement of funds during an exploit that caused about $280 million in losses.
Circle Sued Over $230M Drift Protocol Hack: Did the Stablecoin Giant Fail Its Users?
Class action lawsuit targets Circle for allowing stolen USDC to move unchecked across blockchains.
Circle Faces Lawsuit Over $280M Drift Protocol Hack Freeze Failure
Circle sued over Drift Protocol hack as $280M exploit case tests USDC freeze response on CCTPbridge
Drift Protocol Secures $147.5 Million Recovery Package After April 1 Exploit
Tether commits $127.5M as Drift Protocol launches recovery pool to cover $295M in user losses.
Circle (CRCL) Sued Over $280M Drift Protocol Hack—What Plaintiffs Claim
Circle (CRCL), the issuer behind the USDC stablecoin, is facing a fresh lawsuit in Massachusetts tied to the $280 million Drift Protocol hack that occurred on April 1. The complaint, filed by plaintiffs represented by the law firm Gibbs Mura, alleges that Circle did not take action to freeze stolen funds even though it had both the technical ability and contractual authority to do so.
Tether Gives Drift $147 Million to Help Address Crypto Hack
Following a cyberattack, Drift Protocol is relaunching with Tether's USDT stablecoin as its settlement layer. The cryptocurrency exchange, which had previously used Circle's USDC as its settlement layer, announced the reboot on Thursday (April 16) along with new funding of up to $147.5 million from Tether and its partners.
Drift Taps Tether for $148 Million Recovery Plan, Ditches Circle's USDC Following DeFi Exploit
Circle has faced pushback online for standing pat as actors used its cross-chain protocol to move stolen funds.
Drift Protocol Outlines Major Recovery Effort With Proposed Funding From Tether and Additional Partners
Drift Protocol published a recovery plan following the April 1 exploit in which approximately $295.7 million in user assets were lost. Tether will contribute up to $127.5 million and other partners will add $20 million to fund a recovery pool for affected users.
Tether Steps In With $150M Support Plan After Drift Protocol Loses $285M in Exploit
Tether announced a recovery plan of up to $150 million to help Drift Protocol users recoup losses from an April 1 exploit that drained approximately $285 million from the Solana-based trading platform. Key Takeaways: Tether committed up to $127.5 million toward Drift Protocol's recovery plan following the April 1, 2026 exploit.
Drift gets $148 million funding from Tether and partners as it replaces Circle stablecoin with USDT after massive exploit
The money will be used by Drift to recover user funds after more than $270 million in clients assets were exploited this month, and will relaunch the protocol as a USDT-based perpetuals DEX on Solana.
