ZachXBT Slams Circle for Letting Millions in Stolen USDC Flow Freely After Drift Hack
WhatOnchain investigator ZachXBT accused Circle of failing to contain the fallout from the Drift Protocol exploit, which occurred on April 1, 2026, and affected the Solana-based decentralized exchange.
WhyCircle's inaction allowed millions of USDC to flow freely through its own cross-chain bridge, exacerbating the damage caused by the hack.
SignalThe incident highlights the need for more stringent security measures and faster response times from decentralized exchange operators in the face of cyber threats.
TargetCircle's reputation has been impacted by the criticism, with some investors questioning the company's ability to protect user assets and maintain the stability of its USDC stablecoin.
RiskThe Drift Protocol exploit demonstrates the ongoing risk of hacks and cyber attacks in the decentralized finance (DeFi) space, emphasizing the importance of robust security protocols and vigilant monitoring.