- Circle has not blocked the stablecoins stolen from the Drift exchange.
- An American has filed a lawsuit against the company, accusing it of criminal inaction.
- The company’s employees believe that they did not violate regulatory measures.
Against USDC (USDC) stablecoin issuer Circle filed to court over coins stolen from the decentralized exchange Drift Protocol.
According to the editorial board Happy Coin NewsApril 1, Drift lost USDC worth $285 million was stolen in a hack. The attackers converted the stolen assets into Ethereum, seamlessly using the Circle inter-chain transfer protocol.
The scheme for withdrawing digital assets stolen from Drift
Two weeks after the incident, a cryptocurrency investor from the US state of Missouri, whose identity has not yet been disclosed, filed a lawsuit accusing Circle of failing to freeze stolen stablecoins, thereby allowing the criminals to launder their stolen funds. The lawsuit was filed as a class action, so it’s likely that the list of victims will expand to include disgruntled Drift customers.
Circle employees explained Their inaction stems from the lack of legal grounds for blocking USDC. They claim that digital assets can only be frozen at the request of law enforcement or government officials. They will obviously cite this same point of US law in court, so the company has a chance of winning the legal battle.
Meanwhile, the blame for the largest hack of a decentralized derivatives exchange in history has been laid laid down North Korean hackers. According to cybersecurity firm TRM, it took the attackers nearly three weeks to hack the platform and about 12 minutes to steal the cryptocurrency.
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