U.S. Law Firm Initiates Class Action Investigation into Drift Theft Incident, Targeting Circle for Not Freezing Funds

Odaily News: U.S. law firm Gibbs Mura announced it has formally launched a class action investigation into the Drift Protocol theft incident, involving approximately $280 million to $285 million. It is reported that over $230 million USDC was transferred to Ethereum via Circle's Cross-Chain Transfer Protocol (CCTP). Gibbs Mura argues that despite Circle having the technical capability to freeze funds, it did not take freezing action during this attack. The law firm is currently evaluating whether investors can file claims against Circle for "failure to intervene promptly," "insufficient monitoring," and "failure to fulfill stablecoin responsibilities." It is also calling on affected users to participate in the litigation to advance fund recovery efforts. (Businesswire)