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The $285 million Drift protocol hack has reignited debate over whether Circle, the issuer of the USDC stablecoin, should have done more to prevent stolen funds from moving freely across blockchains. Blockchain security firm PeckShield confirmed that approximately $71 million in USDC was directly siphoned during the exploit. The attacker then converted remaining stolen assets into USDC and bridged roughly $232 million from Solana to Ethereum using Circle’s own Cross-Chain Transfer Protocol (CCTP), complicating recovery efforts significantly.
PeckShield said about $71 million in USDC was immediately taken. After that, the attacker converted other stolen assets into USDC and used CCTP to move approximately $232 million from Solana to Ethereum. The cross-chain transfer increased the difficulty of tracing and recovering funds.
Prominent blockchain investigator ZachXBT criticized Circle publicly, questioning why it did not act faster. He pointed to the fact that Circle can blacklist wallet addresses and freeze suspicious USDC holdings under its terms of service. His comments resonated with parts of the crypto community that expected quicker intervention given the high value of the attack.
Circle responded by saying it is a regulated company and freezes assets only when legally required, such as through sanctions enforcement, court orders, or directives from law enforcement. Legal experts cited the risk issuers face if they take unilateral action without formal authorization.
Salman Banei, general counsel at Plume, argued that lawmakers should create a liability safe harbor for digital asset issuers that freeze funds based on reasonable suspicion of illicit activity.
The dispute reflects a wider tension for centralized stablecoin issuers as USDC and similar tokens become more central to global payments. TRM Labs reported that illicit stablecoin transactions reached roughly $141 billion in 2025 alone. The Drift exploit has also been linked to suspected North Korean activity.
Industry observers warned that USDC cannot function as neutral financial infrastructure if it applies discretionary intervention without clearly defined rules. They also noted that in fast-moving crypto exploits, the time window to act can be measured in minutes—often shorter than the timelines required for legal processes.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…
