02.04.2026 22:23

A blockchain forensic specialist has issued a sharp rebuke of Circle, the issuer of USD Coin (USDC), alleging the financial firm failed to act while millions in stolen cryptocurrency moved unimpeded across different networks during a major security breach.

According to analyses shared on social media and cited by various internet sources, the investigator known as ZachXBT asserted that Circle was effectively "asleep at the wheel" during the multi-hour window of the exploit targeting Drift Protocol, a decentralized finance platform built on the Solana blockchain. The attack allegedly resulted in the theft of approximately $280 million.

Critically, the stolen assets, initially in the form of USDC, were reportedly bridged from Solana to the Ethereum network without significant interruption or freezing by the stablecoin's issuer. This movement of funds across disparate blockchains highlights a complex challenge in tracking and seizing digital assets post-theft.

ZachXBT's characterization suggests a stark delay in protective measures from an entity whose stablecoin is central to much of the cryptocurrency ecosystem. The implication is that a more vigilant or responsive approach from Circle could have potentially prevented the full dissipation of the stolen sum.

This incident renews scrutiny on the responsibilities and real-time capabilities of stablecoin issuers in mitigating the fallout from decentralized finance exploits. It also poses a pointed question about the industry's readiness to intervene when its own instruments are weaponized in large-scale fraud, a theme that has drawn repeated criticism toward both Circle and its CEO, Jeremy Allaire, from independent analysts in the past.