Circle calls for ‘circuit breakers’ after $270M Drift Protocol DeFi hack

cryptonews04-10

Solana‑based Drift Protocol’s $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack. Summary Drift ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2626111394?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2026-04-10 21:23","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2626111394","market":"sg","top_or_hot":-1,"title":"Circle calls for ‘circuit breakers’ after $270M Drift Protocol DeFi hack","media":"cryptonews","content":"<div>\n<p>Solana‑based Drift Protocol’s $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack.\n\n\nSummary\n\n\n\nDrift ...</p>\n\n<a href=\"https://crypto.news/circle-calls-for-circuit-breakers-after-270m-drift-protocol-defi-hack/\">Source Link</a>\n\n</div>\n","source":"crypto_news_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Circle calls for ‘circuit breakers’ after $270M Drift Protocol DeFi hack</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCircle calls for ‘circuit breakers’ after $270M Drift Protocol DeFi hack\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-10 21:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/circle-calls-for-circuit-breakers-after-270m-drift-protocol-defi-hack/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Solana‑based Drift Protocol’s $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack.\n\n\nSummary\n\n\n\nDrift ...</p>\n\n<a href=\"https://crypto.news/circle-calls-for-circuit-breakers-after-270m-drift-protocol-defi-hack/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1668664300.SGD","symbol_name":"Blackrock World Financials A2 SGD-H","start_time":0,"source_url":"https://crypto.news/circle-calls-for-circuit-breakers-after-270m-drift-protocol-defi-hack/","article_id":"2626111394","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/circle-calls-for-circuit-breakers-after-270m-drift-protocol-defi-hack/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2626111394","pubTimestamp":1775827436,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Solanabased Drift Protocol’s $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack.Drift Protocol lost roughly $270 million in a governance exploit, one of 2026’s largest DeFi hacks.Circle’s Dante Disparte said USDC freezes only occur under legal orders, rejecting calls for unilateral intervention.Beyond Washington, Disparte is now urging DeFi teams to import safeguards long standard in traditional markets. He called on protocols to deploy onchain “circuit breaker mechanisms” that can automatically halt trading or withdrawals under abnormal conditions, arguing that “risk controls, not improvisation on X, should decide how a $270 million exploit plays out.” With Drift still assessing losses across USDC, BT","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","CRCD":"T-REX 2X Inverse CRCLDaily Target ETF","CCUP":"T-REX 2x Long CRCL Daily Target ETF","LU0106831901.USD":"贝莱德世界金融基金A2","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","CRCG":"2倍做多CRCL ETF-Leverage Shares","BK4023":"应用软件","LU1861217088.USD":"贝莱德金融科技A2","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","CRCL":"Circle Internet Corp.","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","CRCA":"Proshares Ultra CRCL","ICRC":"Bitwise CRCL Option Income Strategy ETF","CRCO":"YIELDMAX CRCL OPTION INCOME STRATEGY ETF","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H"},"translate_title":"价值2.7亿美元的漂移协议DeFi黑客攻击后，Circle评级寻求“断路器”","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/0838c5f3478f515653c5007a57c1789f","symbols_score_info":{"CRCL":1.94,"CRCO":0.6,"CRCG":0.6,"CRCA":0.6,"CRCD":0.6,"ICRC":0.6,"CCUP":0.6},"content_text":"Solana‑based Drift Protocol’s $270m exploit has become a live test of how Circle, DeFi builders and lawmakers share responsibility when stablecoins sit at the center of a hack.\n\n\nSummary\n\n\n\nDrift Protocol lost roughly $270 million in a governance exploit, one of 2026’s largest DeFi hacks.\nCircle’s Dante Disparte said USDC freezes only occur under legal orders, rejecting calls for unilateral intervention.\nDisparte urged lawmakers to fast‑track the GENIUS Act and CLARITY Act and pushed DeFi to adopt on‑chain “circuit breaker” controls.\n\n\n\nCircle’s chief strategy officer Dante Disparte has responded to the roughly $270 million exploit on Solana‑based Drift Protocol by defending how USDC is governed while demanding tougher legal and technical safeguards for DeFi. The April 1 attack saw an attacker seize Drift’s governance keys, drain an estimated $270‑$285 million in assets, rapidly swap much of the haul into USD Coin (USDC) and bridge over $230 million to Ethereum via Circle’s own Cross‑Chain Transfer Protocol. Investigators such as on‑chain analyst ZachXBT argued Circle had “roughly six hours” to freeze the stolen USDC but “took no action,” intensifying scrutiny on how centralized issuers respond in live attacks.\nResponding in an X statement and subsequent commentary, Disparte stressed that Circle cannot and will not freeze USDC on mere social‑media pressure or unilateral discretion. “USDC freezing is only executed under legal mandate — not unilaterally,” he said, framing the policy as a matter of due process and financial privacy rather than operational convenience. He added that “it is indefensible and untenable that tools and software are co‑opted by bad actors who remain unchecked,” but argued that unchecked intervention by issuers would be just as dangerous for legitimate users.\nCircle pushes legal overhaul\nDisparte used the Drift exploit to press U.S. lawmakers to accelerate the stablecoin‑focused GENIUS Act and the broader market‑structure CLARITY Act, saying both are needed “before the next major security incident.” He has previously called the GENIUS Act “the most significant US law for innovation since the 1990s,” arguing it “enshrines Circle’s way of doing business into law” by requiring full‑reserve backing, monthly disclosures and robust supervision for dollar stablecoin issuers. The CLARITY Act, currently moving through Congress, would extend that framework to trading venues and intermediaries, creating a clearer basis for when and how assets like USDC can be frozen or clawed back after hacks.\nCall for DeFi ‘circuit breakers’\nBeyond Washington, Disparte is now urging DeFi teams to import safeguards long standard in traditional markets. He called on protocols to deploy on‑chain “circuit breaker mechanisms” that can automatically halt trading or withdrawals under abnormal conditions, arguing that “risk controls, not improvisation on X, should decide how a $270 million exploit plays out.” With Drift still assessing losses across USDC, BTC, SOL and other assets, the incident has become a live‑fire test of whether stablecoin issuers, protocols and regulators can share responsibility without turning permissionless finance into a de facto banked system.\n\n\n\n\n\n                Read more:\n            \n\n                SPiCE Series 2026: A global calendar of strategic industry engagement","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2626111394","isCrawlerRequest":true}