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.
TLDR Keypoints
- ZachXBT said Circle was "asleep" while stolen USDC moved from Solana to Ethereum through CCTP.
- Drift had already confirmed an active attack and halted deposits and withdrawals.
- No sourced public reply from Circle directly addressing the allegation was available.
April 2 accusation put Circle’s response under scrutiny
What ZachXBT specifically alleged
In an April 2, 2026 post, 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.
This report relies on Drift’s incident alert, ZachXBT’s post, and explorer-linked reporting from Coin360. The post below is the core public allegation behind the dispute.
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.
Value was moved and nothing was done yet again.
Comes days after you froze 16+ business hot wallets incompetently which is still… pic.twitter.com/T0Xwg1HIfO
— ZachXBT (@zachxbt) April 2, 2026
What Drift itself confirmed on April 1
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.
Secondary reporting has put the exploit size at roughly $285 million, but Drift has not yet published a postmortem confirming a final loss figure.
DeFi Development Corp. said it had no direct or indirect exposure to Drift and described the exploiter as converting assets into USDC before bridging funds to Ethereum.
Circle’s own CCTP design explains why the criticism landed
How CCTP works in plain language
Circle says CCTP 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.
In March 2024, 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.
Why the dispute is about intervention speed, not exploit mechanics
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 stablecoin control rules, Bitcoin reserve policy, Ethereum’s Iran-linked derivatives selloff, or BTC’s post-$66K consolidation.
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.
The main gaps are Circle’s public response and Drift’s postmortem
What remains unconfirmed
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.
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.
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.
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.
