TechFlow News: On April 17, according to Cointelegraph, Circle, a stablecoin issuer, faces a class-action lawsuit in the U.S. District Court for the District of Massachusetts for failing to freeze stolen funds linked to the Drift Protocol hack that occurred on April 1.
The plaintiffs allege that attackers transferred approximately $230 million worth of USDC from Solana to Ethereum within hours using Circle’s cross-chain transfer protocol, CCTP—without Circle intervening. The lawsuit accuses Circle of aiding and abetting conversion and of negligence.
Earlier, crypto analytics firm Elliptic suspected the attack may be linked to North Korea–backed hackers; the stolen funds were subsequently converted into ETH and laundered via Tornado Cash.
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