How ‘Booth Babes’ Can Result in Huge Hacks Like Drift’s

Bearish:

• $USDC - Circle's poor handling of security incidents and slow response to freezing stolen funds makes USDC less attractive versus competitors like Tether.

  • “Circle has always taken a long time. Their general approach has been, we'll wait for a court order or, like, very official law enforcement involvement, before they they ever move.”

    Michael·35:04

  • “we actually saw in this case that some security professionals based on the on chain forensics saw that the attackers went out of their way to avoid using USDT. They specifically stuck to USDC.”

    Michael·35:51

  • “the lesson that was learned from that for attackers is use USDC instead of USDT, because Tether might freeze it through these programs that they've set up proactively to at least have a higher chance of recovery for for users of Tether.”

    Michael·58:55

  • “I actually, you know, have very little confidence that any USDC could be recovered in a hack in any case.”

    Michael·45:21