Circle faces class-action lawsuit over inaction in Drift hack

USDC issuer Circle (CRCL) is facing a class-action lawsuit for allegedly taking no action while the hacker behind the Drift (DRIFT) protocol swapped stolen funds, crypto lawyer Jacob Robinson reported on X. The plaintiffs allege that during the Drift hack on April 1, the attacker moved $230 million worth of USDC using Circle's own blockchain bridge, CCTP. They claim that Circle was aware of the situation but failed to freeze the assets, effectively permitting the transfer. Similar criticisms regarding Circle's inaction were raised within the crypto industry immediately following the hack.