USD Coin
Circle's USDC freeze power faces fresh scrutiny after wallets were blocked while stolen funds moved
Circle's biggest selling point may be becoming its biggest liability. On-chain investigator ZachXBT's “Circle Files” allege that the USDC issuer has inconsistently applied its freeze powers.
USDC Freeze Controversy: ZachXBT Says Circle Froze 16 Legitimate Wallets, Missed Real Hacks
Onchain investigator ZachXBT published a detailed thread this week, accusing Circle, the issuer of USDC, of compliance failures tied to more than $420 million in illicit stablecoin flows the firm allegedly failed to freeze across 15 documented cases since 2022.
ZachXBT's Circle Files: USDC's Biggest Compliance Scandal
Circle, the issuer of USDC, is facing criticism after blockchain investigator ZachXBT shared a detailed thread called “Welcome to Circle Files.” Over the past three years, Circle's handling of USDC has reportedly resulted in losses totaling over $420 million, involving multiple high-profile hacks and thefts.
ZachXBT claims Circle failed to halt $420M in USDC
ZachXBT says Circle failed to freeze $420M in illicit USDC since 2022, citing 15 hack and fraud cases and delayed action.
ZachXBT Flags $420M in Suspect USDC Transfers
ZachXBT alleges Circle failed to promptly freeze $420M in suspect USDC transfers, raising fresh concerns about compliance, enforcement, and trust.
‘The Circle USDC Files': ZachXBT Finds $420M In Suspect Transactions, Weak Oversight
On-chain investigator ZachXBT has published a new report, titled “The Circle USDC Files,” alleging more than $420 million in compliance failures tied to the company's USDC stablecoin since 2022.
Circle's $420M Compliance Crisis: ZachXBT Exposes Massive USDC Scandal
On-chain investigator ZachXBT has published a detailed investigation alleging delays or failures in USDC stablecoin issuer Circle to freeze theft proceeds worth over $420 million since 2022. Dubbed the “Circle $USDC files,” the X thread highlights 15 cases in which the company took little to no action regarding illicit funds.
Circle Under Fire as ZachXBT Flags $420M USDC Cases
Circle faces scrutiny after ZachXBT details 15 cases involving $420M in USDC and questions compliance response speed.
Circle under fire as $230M in stolen USDC flows unblocked days after freezing legitimate accounts
Stablecoin issuer Circle is facing mounting scrutiny from blockchain researchers after millions of USD Coin (USDC) were stolen and flowed unimpeded through its proprietary bridge during the $285 million exploit of the Solana-based Drift Protocol.
Circle faces scrutiny as delayed USDC freezes linked to up to $420M in exploitable losses
ZachXBT criticized Circle for being too slow in intercepting USDC from the Drift Protocol hack. The exploiter even used the native Circle bridge, CCTP.
ZachXBT flags $420m in alleged USDC compliance lapses, raising questions over Circle's enforcement
An on-chain report claims over $420m in USDC compliance lapses, raising questions about how effectively stablecoin controls are enforced.
Blockchain sleuth ZachXBT accuses Circle of slow USDC freezes across more than $420 million in ‘illicit funds'
ZachXBT cites over a dozen cases involving over $420 million, the most recent being the Drift Protocol exploit worth more than $280 million.
