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Home/Briefs/stablecoins

BriefApril 13, 2026 · 11:42 PM

Circle’s refusal to freeze $230 million in exploit funds reveals its legalist approach to asset control

Approximately $230 million in USDC linked to a $280 million exploit of Drift Protocol was bridged from Solana to Ethereum through Circle’s infrastructure without being frozen. On-chain investigator ZachXBT criticized the issuer for failing to act on the funds. Circle CEO Jeremy Allaire stated that the company freezes wallets only when directed by law enforcement or court orders. The exploit involved social engineering techniques and is potentially tied to North Korean actors. Allaire stated that unilateral action by private firms in such cases would raise ethical and legal concerns.

Knox Lawson

stablecoinscryptocurrency securityasset freezing

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