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

Odaily News: U.S. law firm Gibbs Mura has announced the formal initiation of a class action investigation into the Drift Protocol hack, involving approximately $280 to $285 million. It is reported that over $230 million worth of 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 failed to take such action during this attack. The law firm is currently evaluating whether investors can file claims against Circle for "failure to intervene promptly," "inadequate monitoring," and "failure to fulfill stablecoin responsibilities." It is also calling on affected users to join the lawsuit to facilitate fund recovery. (Businesswire)