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Circle Faces Drift Fallout

The shock hack and unimpeded fallout is leaving plenty in the industry pointing fingers at the USDC issuer.
Circle Faces Drift Fallout
Jack Inabinet Jack Inabinet
Apr 7, 2026 • 4 min read
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Last week’s massive exploit of Solana-based perpetuals exchange Drift is still sending shockwaves throughout the crypto industry.

The April 1 attack appears to have been a months-long social engineering and infiltration campaign, likely involving fake counterparties, compromised contributor devices, and frozen protocol functions.

But beyond the sophistication of the attack, many within the crypto industry were also taken aback by the complete absence of intervention from USDC issuer Circle to limit downstream damage.

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En el artículo
Solana Solana Drift Protocol Drift Protocol Circle Circle Austin Campbell Austin Campbell
Jack Inabinet

Written by Jack Inabinet

854 Articles • View all      

Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial real estate development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business.

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