USDC (USDC)

JUST IN: Circle has just minted $750,000,000 USDC https://t.co/xUt9wS0cEi

After the $280M Drift exploit, a lot of people are probably asking: could this happen to other protocols too? Take Hyperliquid as an example — a large share of USDC still sits in the Arbitrum bridge, secured by a 3/4 multisig with ~3 min timelock. At the same time, native USDC deposits to Hyperliquid via CCTP are already live. If you want to reduce risk exposure, it makes sense to use CCTP-only deposits going forward. Alternatively, you can withdraw via the bridge and redeposit via CCTP to migrate from bridged to native USDC — helping accelerate the migration overall.

🚨ZACHXBT CRITICIZE CIRCLE OVER DRIFT EXPLOIT RESPONSE Tommy Shaughnessy and ZachXBT say Circle failed to freeze exploit-linked $USDC quickly enough, allowing millions to move from Solana to Ethereum despite having freeze capabilities. https://t.co/AW1C532X5X

🚨ZACHXBT SLAMS CIRCLE OVER LACK OF ACTION IN DRIFT HACK "CIRCLE WAS ASLEEP WHILE MANY MILLIONS OF USDC WAS SWAPPED VIA CCTP FROM SOLANA TO ETHEREUM FOR HOURS FROM THE 9 FIGURE DRIFT HACK" CIRCLE WAITED 6 HOURS TO FREEZE THE USDC INVOLVED IN THE INCIDENT DESPITE THE ATTACK BEGINNING AT 12 PM ET WHERE ITS HQ IS

It was just a crazy day, and anyone wondering why Zachxbt and others were so pissed it’s because Circle allowed this and never cared. They would rather sit on the fence while a whole house is burning than do anything to stop the fire. Anyone monitoring the funds movement yesterday will definitely be so angry at Circle, because what exactly are you a centralized entity for when this kind of issue would take seconds to handle, yet you ignore it? Wallets held millions for 3-6hours post-bridge before swapping to ETH. Just for example: 0x586d353D718B168C3891c9a8162dD2b523bEd741 0xAD383d6b3886b598F48c625437ccB4f8E84dBB48 Circle is a bad actor for the industry.

List of protocols exposed to @DriftProtocol and current status 👇 - UPDATED 🔸 @reflectmoney USDC+ is farming yield on Drift; mint and redemption of USDC+ has been frozen; team deleted the first statement and removed mention of insurance, according to their website, insurance was just announced to be coming soon 🔸 @project0 protocol paused; no new borrows can be made against drift positions; lenders who specifically chose Drift will be socialized 🔸 @piggybank_fi $106.4k/$4M of funds were deployed to Drift (~2.6%); they will personally reinject this amount to cover for users' losses 🔸 @ranger_finance team immediately paused all deposits and withdrawals on rgUSD at the smart contract level; total exposure is ~$900k out of $14.6M TVL 🔸 @uselulo existing classic deposits may be affected according to the team 🔸 @DeFiCarrot ~$8.3M (over 50%) of the CRT funds were exposed to Drift; team says that Turbo and Boost products are not affected 🔸 @xplaceapp team is investigating; credit mode and borrowing (that were partly done via Drift) disabled; no deposits or withdrawals from savings 🔸 @GetPyra uses Drift for yield and credit; user funds without open loans are moved away for security reasons 🔸 @TradeNeutral team said that no remaining NT Vaults should be affected 🔸 @elementaldefi team said that only a part of SOL funds might be affected; USDC and ONyc funds had no exposure to Drift 🔸 @Loopscale a small part of the following vaults is allocated to Drift: SOL Genesis, JitoSOL ONE, wETH ONE; withfrawals and deposits for these vaults has paused 🔸 @fusewallet deposits into Drift have been paused; no word on withdrawals and how many user funds are affected yet 🔸 @vectis_finance many vaults are exposed to Drift; no statement from the team so far 🔸 @kamino team confirmed no exposure to Drift 🔸 @synatraxyz team confirmed no exposure to Drift 🔸 @onrefinance team confirmed no exposure to Drift 🔸 @hylo_so team confirmed no exposure to Drift 🔸 @solsticefdn team confirmed no exposure to Drift 🔸 @defidevcorp team confirmed no exposure to Drift 🔸 @UnitasLabs team confirmed no exposure to Drift 🔸 @jup_lend team confirmed no exposure to Drift 🔸 @RateX_Dex team confirmed no exposure to Drift 🔸 @perena USD* not affected 🔸 @solomon_labs USDV not affected

List of protocols exposed to @DriftProtocol and current status 👇 - UPDATED 🔸 @reflectmoney USDC+ is farming yield on Drift; mint and redemption of USDC+ has been frozen; team deleted the first statement and removed mention of insurance, according to their website, insurance was just announced to be coming soon 🔸 @project0 protocol paused; no new borrows can be made against drift positions; lenders who specifically chose Drift will be socialized 🔸@piggybank_fi - $106.4k/$4M of funds were deployed to Drift (~2.6%); they will personally reinject this amount to cover for users' losses 🔸 @ranger_finance team immediately paused all deposits and withdrawals on rgUSD at the smart contract level; total exposure is ~$900k out of $14.6M TVL 🔸 @uselulo existing classic deposits may be affected according to the team 🔸 @DeFiCarrot ~$8.3M (over 50%) of the CRT funds were exposed to Drift; team says that Turbo and Boost products are not affected 🔸 @xplaceapp team is investigating; credit mode and borrowing (that were partly done via Drift) disabled; no deposits or withdrawals from savings 🔸 @GetPyra uses Drift for yield and credit; user funds without open loans are moved away for security reasons 🔸 @TradeNeutral team said that no remaining NT Vaults should be affected 🔸 @elementaldefi team said that only a part of SOL funds might be affected; USDC and ONyc funds had no exposure to Drift 🔸 @Loopscale a small part of the following vaults is allocated to Drift: SOL Genesis, JitoSOL ONE, wETH ONE; withfrawals and deposits for these vaults has paused 🔸 @fusewallet deposits into Drift have been paused; no word on withdrawals and how many user funds are affected yet 🔸 @vectis_finance many vaults are exposed to Drift; no statement from the team so far 🔸 @kamino team confirmed no exposure to Drift 🔸 @synatraxyz team confirmed no exposure to Drift 🔸 @onrefinance team confirmed no exposure to Drift 🔸 @hylo_so team confirmed no exposure to Drift 🔸 @solsticefdn team confirmed no exposure to Drift 🔸 @defidevcorp team confirmed no exposure to Drift 🔸 @UnitasLabs team confirmed no exposure to Drift 🔸 @jup_lend team confirmed no exposure to Drift 🔸 @RateX_Dex team confirmed no exposure to Drift 🔸 @perena USD* not affected 🔸@solomon_labs USDV not affected