Blockchain investigator ZachXBT has publicly criticized stablecoin issuer Circle for failing to freeze USDC funds during the Drift Protocol hack, despite the stolen assets moving through Circle's own Cross-Chain Transfer Protocol (CCTP) bridge. According to reports, $232 million in USDC was moved during U.S. business hours over multiple transactions, yet Circle took no action to prevent the laundering. This stands in stark contrast to Circle's previous actions, including the controversial freezing of 16 business wallets in March 2026, including legitimate operations like the DFINITY Foundation's ckETH Minter Smart Contract. The incident raises important questions about the responsibility of stablecoin issuers in preventing the movement of stolen funds and highlights inconsistencies in enforcement policies.
Circle Faces Criticism for Inaction During $285M Drift Protocol Hack
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ZachXBT / Spazio Crypto
Tuesday, April 7, 2026·5 min read·Regulation
Source: en.spaziocrypto.com·This article is an original analysis by CryptoFirst based on publicly available information.
#circle#usdc#zachxbt#drift-hack#enforcement
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