Back

Gibbs Mura Probes Drift Protocol Breach, Reviews Potential Claims Against Circle

According to Businesswire, Gibbs Mura is examining the Drift Protocol hack and potential claims tied to Circle after more than $230 million in USDC was reportedly bridged to Ethereum.

ETH
USDC

Summary

According to Businesswire, Gibbs Mura has launched a class-action investigation into the Drift Protocol hack, which reportedly involved about $280 million to $285 million. The law firm said it is assessing potential claims related to Circle’s alleged failure to freeze funds after more than $230 million in USDC was reportedly moved to Ethereum through Circle’s Cross-Chain Transfer Protocol.

Terms & Concepts
  • USDC: A dollar-pegged stablecoin issued by Circle that is designed to maintain a value of one U.S. dollar per token.
  • Ethereum: A blockchain network that supports smart contracts and digital assets, and is commonly used for token transfers and decentralized applications.
  • Cross-Chain Transfer Protocol: Circle’s system for moving supported tokens between different blockchains by burning on one chain and minting on another.