Circle Criticized Over Slow Response to Drift Hack

Stablecoin issuer Circle faces criticism for its delayed response in freezing funds stolen during the Drift crypto protocol hack. An attacker reportedly exploited Circle's cross-chain transfer protocol to move approximately $232 million in USDC from Solana to Ethereum. Critics argue that Circle could have acted more swiftly to prevent the large-scale transfer of the stolen assets, highlighting potential vulnerabilities in the security and responsiveness of stablecoin infrastructure during major security breaches.