Drift Protocol, a Solana-based DeFi platform, said on April 1, 2026 that it is investigating unusual activity and urged users not to deposit funds while the review continues. Lookonchain reported that more than $270 million in crypto was suspiciously moved to wallet "HkGz4K", then swapped into USDC and bridged to Ethereum to purchase ETH. The tracker said the buying reached 19,913 ETH ($42.6 million) before rising to 38,820 ETH ($82.6 million).

Drift Protocol has suspended deposits and withdrawals after confirming an active attack and disclosing the incident on 1 April. Early on-chain estimates put potential losses near $285m, spanning assets such as $71.4m in USDC and $159.3m in JLP. The team said it is working with security firms, bridges, and exchanges, while the alleged exploit method remains unconfirmed.

On April 1, the U.S. Department of the Treasury released a notice of proposed rulemaking seeking public input on how stablecoin oversight should align between state regimes and the federal framework under the GENIUS Act. The proposal says states may supervise payment stablecoin issuers with total issuance below $10 billion if their rules are deemed substantially similar to federal requirements, and comments are due within 60 days after publication in the Federal Register.

Drift Protocol said it was investigating unusual activity on April 1, 2026, after onchain trackers estimated $200 million or more was drained from protocol accounts. The outflows were traced to Solana wallet HkGz4KmoZ7Zmk7HN6ndJ31UJ1qZ2qgwQxgVqQwovpZES, while DRIFT fell from about $0.072 to $0.055 amid uncertainty.

The U.S. Department of the Treasury released its first proposed rule under the GENIUS Act and opened a 60-day public comment period. The plan would let payment stablecoin issuers operate under federal oversight or under qualifying state regimes if outstanding supply is below $10b, with larger issuers shifting toward OCC-led supervision.

On April 1, the CFTC said a U.S. federal court entered a supplemental consent order against former FTX head of engineering Nishad Singh, which—together with a prior order—wraps up the agency's enforcement action. The Southern District of New York ordered $3.7 million in disgorgement, a five-year trading ban, and an eight-year registration ban, and required continued cooperation. The CFTC added it is not seeking restitution or a civil monetary penalty at this time.

On March 30, the CFTC said a U.S. federal court entered a consent order against Peken Global Limited, an entity linked to operating the KuCoin exchange, over U.S. participants' access to its trading system without foreign board of trade registration. The agency said the Southern District of New York imposed a permanent injunction and ordered a $500,000 civil monetary penalty, while no disgorgement was sought or awarded.

Meta plans to roll out dollar-linked stablecoin payments across Facebook, Instagram and WhatsApp in the second half of 2026, focusing on integrating existing tokens rather than issuing its own. The company is seeking external partners to run infrastructure, compliance and settlement while Meta concentrates on the in-app wallet experience and distribution. The approach reflects the regulatory backlash that followed Libra/Diem and positions Meta as a payments interface layered on top of regulated stablecoins.