<div id="readability-page-1"><div><ul><li>After exploiting crypto protocol Drift, the attacker moved about $232 million in USDC from Solana to Ethereum using Circle’s cross-chain transfer protocol.</li><li>Critics like blockchain investigator ZachXBT said Circle could have moved faster to blacklist wallets and freeze funds. But freezing assets without authorization could carry legal liability, Plume general counsel said.</li><li>Circle said it freezes assets when legally required, highlighting a growing tension for regulated issuers between acting quickly to curb illicit flows and avoiding overreach without court or law enforcement orders.</li></ul></div></div>

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<p>Circle is facing criticism after a $285 million hack of the Drift crypto protocol, where an attacker transferred $232 million in USDC from Solana to Ethereum. Critics argue that Circle should have acted more swiftly to blacklist wallets and freeze the stolen funds. However, legal concerns about freezing assets without proper authorization complicate the situation. Circle maintains that it only freezes assets when legally required, reflecting the challenges regulated issuers face in balancing rapid action against potential legal repercussions.</p>

- After exploiting the crypto protocol Drift, an attacker transferred approximately $232 million in USDC from Solana to Ethereum using Circle's cross-chain transfer protocol.  
- Critics argue that Circle should have acted more swiftly to blacklist wallets and freeze funds, but legal counsel cautions that unauthorized freezing could lead to liability.  
- Circle emphasizes that it only freezes assets when legally mandated, reflecting the tension for regulated issuers between acting promptly against illicit activities and maintaining legal compliance.

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Circle under fire after $285 million Drift hack over inaction to freeze stolen USDC