Circle Faces Class Action Over Protocol Hack

Circle is facing a class-action lawsuit following the $285 million Drift Protocol hack. Plaintiffs allege that Circle failed to freeze stolen USDC assets during a critical eight-hour window after the exploit. This inaction allegedly allowed hackers to move funds from the compromised trading platform. The lawsuit highlights concerns about Circle's response mechanisms and the security of stablecoins in the event of major DeFi breaches.