Circle CEO Defends Stance on Freezing Funds Amid $280M Drift Hack

2026-04-13 18:45

Circle CEO Jeremy Allaire has addressed the recent $280 million theft from Drift, stating that Circle will not freeze wallets without law enforcement or court orders. Allaire emphasized that private companies deciding to freeze funds independently poses a "significant moral hazard." This response follows criticism from blockchain investigator ZachXBT, who faulted Circle for not freezing approximately $230 million in USDC transferred from Solana to Ethereum via CCTP. Allaire also mentioned that Circle is in discussions with U.S. lawmakers to establish specific safe harbor provisions for stablecoin issuers to take preventive measures in extreme situations.

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