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Bitcoin sold off in early trading hours at the US stock market open, briefly losing the $75,000 level before rebounding. The abrupt move triggered $120 million in liquidations of leveraged long (buy) BTC futures positions. Despite the volatility, Bitcoin’s funding rate has remained negative, a condition that can signal limited…
Circle (CRCL), the issuer behind the USDC stablecoin, is facing a new lawsuit in Massachusetts connected 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 freeze stolen funds despite having both the technical ability and contractual authority to do so.
According to the lawsuit, attackers drained an estimated $280–$285 million from the Solana-based exchange in less than 12 minutes. The stolen assets were then moved from Solana to Ethereum over roughly eight hours using Circle’s Cross-Chain Transfer Protocol (CCTP).
The filing says the transfer occurred during US business hours, which plaintiffs cite to argue that the movement and conversion of funds happened while the matter was ongoing, without intervention from Circle to freeze the assets.
The complaint further states that user funds were taken from multiple areas of Drift’s platform, including trading, lending, and vault deposits. As the breach unfolded, Drift’s total value locked reportedly fell from about $550 million to under $250 million.
In response to the incident, deposits and withdrawals were suspended indefinitely. Plaintiffs also claim the impact extended beyond Drift, noting that at least 20 other DeFi protocols reported indirect losses tied to exposure to Drift.
The lawsuit also points to an earlier civil matter involving Circle. Nine days before the Drift-related lawsuit, Circle reportedly froze 16 unrelated business wallets. Plaintiffs argue this shows Circle has the capability—and, in that instance, the willingness—to freeze funds when it deems it appropriate.
However, the complaint alleges that Circle did not freeze the stolen USDC and other assets that plaintiffs say were converted into USDC after the hack.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
