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🔥Circle Responds to Drift Theft Incident: USDC Freezing Must Be Legally Enforced, Urges Faster Crypto Legislation and Improved Security Mechanisms
On April 10, Circle Chief Strategy Officer Dante Disparte posted a response to the April 1 theft of more than $270 million from Drift Protocol. Disparte said that Circle freezes USDC only when it is required to do so by law, not as a unilateral decision, and that this is not a backdoor or algorithmic monitoring. He pointed out that the core issue facing open systems is that the legal framework’s response speed lags behind technological development. Protocols, wallets, exchanges, and stablecoin issuers should treat security and accountability as shared obligations. DeFi protocols may look to traditional market circuit breaker mechanisms and develop on-chain technical protection measures. He also called on the United States'…
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