Drift Protocol Investors File Lawsuit Against Circle Over $280 Million Hack

Gibbs Mura has initiated a class action lawsuit on April 14, representing investors of Drift Protocol who suffered financial losses due to a $280 million hack on April 1. According to NS3.AI, the lawsuit claims that Circle allowed attackers to transfer $230 million in stolen funds via USDC and CCTP over an eight-hour period without freezing the assets. The incident reportedly reduced Drift Protocol's total value locked from $550 million to below $250 million and resulted in losses for at least 20 other DeFi protocols.