u/CAMT53
Stablecoins are the sweetest, most lucrative business in all of crypto. No surprise the Clarity Act got stuck in Congress—it all came down to stablecoins.
Tether pulls in $12 billion in revenue and pockets $10 billion in profit every year. It's now among the top 18 holders of US government debt—country‑level. And the company already has its own person inside the White House. Yet out in the real market, corporations are increasingly choosing USDC. According to analysts at the crypto gateway Cryptomus, USDC transaction volume hit $2.55 trillion in Q1 2026, while USDT only managed $1.49 trillion. Circle's token now holds over 80% of regulated B2B settlements.
Sure, Tether's market cap is still more than double Circle's, but the corporate sector's potential is enormous. And USDC has already carved out a spot in the payment systems of nearly every public fintech giant—Stripe, Visa, Worldpay, you name it.
That's why the Drift protocol hack was a real April Fools' gift for Tether. The largest DEX on Solana got drained of $230 million—and North Korean hackers quietly walked away with it, all through USDC. Later, Circle tried to defend itself, saying it only blocks its stablecoins by court order. But as Bloomberg analyst James Seyffart put it: if you're running a centralized protocol, you freeze stolen funds. Period.
Tether is chipping in a large sum to help reimburse Drift traders—and it's not just throwing money away. USDC used to hold an 80% share on Solana. Now it's down to 55%. Though, weirdly enough, Circle's overall market cap started climbing right after April 1—after having been falling. Is North Korea going to surprise us with more hacks? Funny thing is, Tether's supply jumped 3% in just ten days.
u/CAMT53 — 25 days ago
Here is a link to X
https://x.com/driftprotocol/status/2040611161121370409?s=46
Content is still focused on how the attack happened. No information about what funds are still available, nor how they will be allocated to those affected on the platform.
u/CAMT53 — 1 month ago
A couple days ago I could still see my balances on the vault page. Now it takes you to a generic trading page. There is no vault page, no position history, etc. This is crazy as there should at least be a history showing balances going from X to 0 or whatever they are implying. How can we legally prove losses? Any thoughts? I understand freezing the system but why have they destroyed evidence/proof? Does anyone see anything different?
u/CAMT53 — 1 month ago
Hi all,
I just created this community for Drift Protocol victims to share information as there seems to be a shortage of info. I was a victim of the MtGox failure many years ago and the MtGoxInsolvency community has been helpful for over 10 years for us to share information about the process, which is still ongoing.
Maybe some of you are on Drift’s Discord and can share what they might be talking about there? Maybe some of you were running strategy vaults? Anything info can help the group ensure the best outcome for everyone.
This community is brand new so it will surely take some time to gain critical mass. Please join us.
Thank you.
u/CAMT53 — 1 month ago
Hey everyone! I'm u/CAMT53, a founding moderator of r/DriftInsolvency.
This is a place to share information related to the recent Drift Protocol hack and platform freeze. We're excited to have you join us, but wish it was under better circumstances.
What to Post
Post anything that you think the community would find interesting, helpful. Feel free to share your thoughts, or questions about the incident and your experiences. We are looking for sharing from those who might be part of the Discord community or have any other sources.
Community Vibe
We're all about being friendly, constructive, and inclusive. Let's build a space where everyone feels comfortable sharing and connecting. Of course, I’m sure you are frustrated as I am, but please try to keep it civil.
How to Get Started
Introduce yourself in the comments below.
Post your experience, information or question and maybe others will have feedback.
If you know someone who would like community, invite them to join.
Thanks for being part of the very first wave. Together, let's make r/DriftInsolvency useful for everyone.
u/CAMT53 — 1 month ago