Morgan Stanley keeps an Equal Weight rating on Circle Internet (CRCL) with an $80 price target following reports last week that hackers with suspected ties to North Korea drained $285M in user funds from perpetual futures trading platform Drift Protocol in 12 minutes and bridged the funds to USDC stablecoin. Morgan Stanley says the hackers used Circle’s cross-chain transfer protocol to move funds from Solana to Ethereum. The attack could raise questions about Circle’s know your customer and anti-money laundering practices, the analyst tells investors in a research note. Circle has received public criticism within the blockchain community, the firm adds.
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