Circle Internet Group faces a class-action in a Massachusetts federal court over claims it failed to intervene as attackers siphoned funds during the Drift Protocol exploit. The lawsuit, filed by Drift investor Joshua McCollum on behalf of more than 100 claimants, contends Circle’s Cross-Chain Transfer Protocol (CCTP) allowed approximately $230 million worth of USDC to be moved from Solana to Ethereum over several hours on April 1 without timely action. The plaintiffs allege that Circle’s inaction caused or substantially contributed to the losses and seek damages to be determined at trial. The case underscores ongoing questions about whether crypto firms that maintain control over user funds can or should intervene in real time to curb theft or misuse, and how that potential responsibility should be calibrated against regulatory constraints and legal authority. Key takeaways The lawsuit alleges Circle had the technical capacity to freeze compromised funds, pointing to a prior action wh...
Bitcoin (BTC) traded in a narrow corridor of roughly $75,000 to $73,000 during the New York market open on Thursday, as a rapid swing in futures positions pressured the market. Overall, the session saw a total of about $283 million liquidated across the futures complex, underscoring the fragility of short-term momentum and the pressure points embedded in ultralow liquidity pockets. Key takeaways BTC moved between $75,000 and $73,000 in a three-hour window around the New York open, prompting significant futures liquidations totaling about $283 million. The downside cascade triggered $166 million in long liquidations, followed by a quick rebound that liquidated roughly $117 million in short positions, creating a pronounced two-sided squeeze within the same trading session. The market’s funding rate turned positive to about +0.0005 after the bounce, suggesting that bearish positions were unwinding rather than a fresh wave of new long exposure driving the move. Spot participation lagged th...