The case was brought by Drift Protocol investor Joshua McCollum, representing more than 100 affected members. Their attorneys put it plainly: Circle allowed criminal use of its own technology.
The suit carries two main charges: negligence and aiding and abetting conversion — a legal term for helping someone unlawfully take another person’s property. The law firm Mira Gibb is handling the case for McCollum and the other Drift investors. Damages have not yet been set and will be determined at trial.
Circle has not responded to requests for comment.
Not everyone is pointing fingers at Circle. Lorenzo Valente, ARK Invest’s director of digital asset research, argued that Circle made the right call by not acting without a legal order.
His concern: give a company like Circle the power to freeze funds on judgment alone, and every decision becomes political. He questioned aloud where the line would be drawn — between a North Korean hacker and a suspicious wallet elsewhere in the world.
Featured image from B&G Lawyers, chart from TradingView
