ZachXBT Says Circle Let Millions in Stolen USDC Move After Drift Hack
On-chain investigator ZachXBT accused Circle of allowing millions of dollars in stolen USDC to move unhindered across its native cross-chain bridge following the $285 million exploit of Drift Protocol. According to the allegation, funds tied to the hack were transferred through the bridge without apparent intervention, drawing attention to how much control issuers of popular stablecoins can exert over cross-chain flows.
The claim matters because USDC is one of the largest fiat-backed stablecoins and Circle’s stewardship is central to market trust. If true, the incident could heighten regulatory and market concerns about issuer oversight, bridge security, and the ability to freeze or recover stolen assets. The episode underscores persistent DeFi risks around bridges and liquidity movement, and will likely prompt calls for clearer intervention policies and stronger on-chain monitoring across the ecosystem.