Ethereum

Drift

Solana

ZachXBT

USDC

<p><strong>ZachXBT's Circle Drift hack accusation put fresh pressure on the stablecoin issuer after he said stolen USDC from the Drift exploit moved from Solana to Ethereum through CCTP for hours, with no public Circle reply located in the materials reviewed for this report.</strong></p>
<div>
 <p>TLDR Keypoints</p>
 <ul>
  <li>ZachXBT said Circle was "asleep" while stolen USDC moved from Solana to Ethereum through CCTP.</li>
  <li>Drift had already confirmed an active attack and halted deposits and withdrawals.</li>
  <li>No sourced public reply from Circle directly addressing the allegation was available.</li>
 </ul>
</div>
<h2 id="april-2-accusation-put-circle-s-response-under-scrutiny">April 2 accusation put Circle's response under scrutiny</h2>
<h3 id="what-zachxbt-specifically-alleged">What ZachXBT specifically alleged</h3>
<p><a href="https://x.com/zachxbt/status/2039496650906034602" rel="noopener noreferrer nofollow">In an April 2, 2026 post</a>, ZachXBT wrote that "Circle was asleep while many millions of USDC was swapped via CCTP from Solana to Ethereum for hours." The accusation targeted response speed, not CCTP as the exploit trigger.</p>
<p>This report relies on <a href="https://twitter.com/DriftProtocol/status/2039417136729227425" rel="noopener noreferrer nofollow">Drift's incident alert</a>, ZachXBT's post, and <a href="https://coin360.com/news/drift-protocol-vault-drain-200m-solana-exploit" rel="noopener noreferrer nofollow">explorer-linked reporting from Coin360</a>. The post below is the core public allegation behind the dispute.</p>
<blockquote class="twitter-tweet">
 <p>Circle was asleep while many millions of USDC was swapped via CCTP from Solana to Ethereum for hours from the 9 figure Drift hack during US hours. <br><br>Value was moved and nothing was done yet again.<br><br>Comes days after you froze 16+ business hot wallets incompetently which is still… <a href="https://t.co/T0Xwg1HIfO" rel="noopener noreferrer nofollow">pic.twitter.com/T0Xwg1HIfO</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/2039496650906034602?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 2, 2026</a>
</blockquote>
<h3 id="what-drift-itself-confirmed-on-april-1">What Drift itself confirmed on April 1</h3>
<p>On April 1, 2026, Drift said it was experiencing an active attack and had suspended deposits and withdrawals. Later, Coin360 reported that 51.616 million USDC was among the assets identified in the outflows.</p>
<p><a href="https://www.ccn.com/news/crypto/drift-protocol-285m-biggest-hack-2026-april-fools-day/" rel="noopener noreferrer nofollow">Secondary reporting</a> has put the exploit size at roughly $285 million, but Drift has not yet published a postmortem confirming a final loss figure.</p>
<figure>
 <figcaption><strong>Estimated exploit size:</strong> $285 million
 </figcaption>
</figure>
<p><a href="https://www.globenewswire.com/news-release/2026/04/01/3266945/0/en/defi-development-corp-confirms-no-exposure-to-drift-protocol-following-recent-exploit.html" rel="noopener noreferrer nofollow">DeFi Development Corp. said</a> it had no direct or indirect exposure to Drift and described the exploiter as converting assets into USDC before bridging funds to Ethereum.</p>
<h2 id="circle-s-own-cctp-design-explains-why-the-criticism-landed">Circle's own CCTP design explains why the criticism landed</h2>
<h3 id="how-cctp-works-in-plain-language">How CCTP works in plain language</h3>
<p><a href="https://www.circle.com/cross-chain-transfer-protocol" rel="noopener noreferrer nofollow">Circle says CCTP</a> enables native 1:1 USDC transfers between blockchains through a burn-and-mint flow, and that each cross-chain transfer is validated by Circle. That is why the complaint can target Circle's response without implying that CCTP caused the breach.</p>
<p><a href="https://www.drift.trade/updates/announcing-drift-integrates-circles-cctp" rel="noopener noreferrer nofollow">In March 2024</a>, Drift said it had integrated Circle's CCTP so users could bridge USDC from Arbitrum, Base, and Ethereum onto Solana. That helps explain why Circle's role is under scrutiny now.</p>
<h3 id="why-the-dispute-is-about-intervention-speed-not-exploit-mechanics">Why the dispute is about intervention speed, not exploit mechanics</h3>
<p>The two data points that define the controversy are the 51.616 million USDC identified in reported outflows and the nearly -5% move in DRIFT to $0.064, with an intraday low near $0.054. That puts the episode in a different lane from Coinlive's recent coverage of <a rel="noopener noreferrer nofollow">stablecoin control rules</a>, <a rel="noopener noreferrer nofollow">Bitcoin reserve policy</a>, <a rel="noopener noreferrer nofollow">Ethereum's Iran-linked derivatives selloff</a>, or <a rel="noopener noreferrer nofollow">BTC's post-$66K consolidation</a>.</p>
<p>No public statement from Circle addressing ZachXBT's allegation appeared in the sourced materials reviewed for this article. With Circle's CCTP documentation saying transfers are validated by Circle, the open question is what threshold applied.</p>
<h2 id="the-main-gaps-are-circle-s-public-response-and-drift-s-postmortem">The main gaps are Circle's public response and Drift's postmortem</h2>
<h3 id="what-remains-unconfirmed">What remains unconfirmed</h3>
<p>Published loss estimates still range from about $200 million to $285 million. No fetched Drift postmortem or auditor report in the reviewed materials settles the final number.</p>
<p>Claims that the exploit involved a compromised admin key, a fake CVT token listing, and manipulated oracle pricing remain unconfirmed because they come from secondary reporting and researcher reconstruction, not from a Drift technical report. ZachXBT's separate claim that Circle had frozen 16+ business hot wallets days earlier is also still a single-source allegation in the materials reviewed here.</p>
<p>What readers should watch next is concrete: a public Circle response, a Drift postmortem, or follow-up tied to the bridged funds. Until then, the confirmed record remains Drift's April 1 incident notice, ZachXBT's April 2 accusation, Circle's CCTP description, and cited reporting that stolen USDC crossed from Solana toward Ethereum.</p>
<p>Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.</p><a href="https://coinlive.me/?p=90361" rel="noopener noreferrer nofollow">Read original article on coinlive.me</a>

ZachXBT Circle Drift Hack Accusation Over CCTP Moves

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