Drift Protocol
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.
Public Backlash Prompts Circle Response To $270M Drift Protocol Theft: Details
Circle (CRCL) has responded publicly to mounting criticism tied to the exploit of Solana's Drift Protocol, an attack that reports say siphoned roughly $270–$285 million from the decentralized venue.
Circle clarifies USDC freeze policy after Drift exploit, urges passage of GENIUS and CLARITY Acts
Circle's stance highlights the urgent need for regulatory clarity in crypto, balancing centralized control with decentralized ideals. Circle clarifies USDC freeze policy after Drift exploit, urges passage of GENIUS and CLARITY Acts.
Circle defends USDC freeze policy after Drift exploit, calls for faster legal frameworks
Circle has defended its USDC freeze policy, arguing that legal constraints — not inaction — limit how quickly it can respond.
Circle calls for ‘circuit breakers' after $270M Drift Protocol DeFi hack
Solana‑based Drift Protocol's $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack.
