ZachXBT Criticizes Circle Over USDC Transfers During Reported Drift Exploit
According to ZachXBT, tens of millions in USDC continued moving from Solana to Ethereum for hours on April 2 during the reported Drift exploit, while Circle also allegedly froze more than 16 business hot wallets in error.
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Summary
Onchain investigator ZachXBT accused Circle of failing to act while tens of millions of USDC were transferred from Solana to Ethereum during the reported Drift exploit on April 2. He said the transfers continued for hours and also alleged that Circle had wrongly frozen more than 16 business hot wallets. The new claims add operational detail to his earlier criticism of Circle’s handling of USDC movement during the incident. No response from Circle was included in the provided content.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, intended to maintain a 1:1 value with the dollar.
- Solana: A blockchain network used for decentralized applications and digital assets, known for high throughput and low transaction costs.
- Ethereum: A blockchain network that supports smart contracts and decentralized applications, and is a major settlement layer for digital assets.