A U.S. federal judge ordered Circle to blacklist Zama's cUSDC contract, freezing about $12.6 million in pooled USDC funds due to a class action lawsuit against Overnight Finance's creator, Maxim Ermilov. Plaintiffs allege Ermilov moved $15.77 million from a shared treasury just before a governance vote to liquidate funds passed. The freeze affected all users in the pooled contract, not just the disputed funds, prompting Zama to pause related contracts and investigate. The case highlights legal risks for pooled DeFi contracts and will proceed with a hearing on June 1 to resolve the dispute.
Ostium announced that 23.75 million USDC was stolen due to an off-chain infrastructure breach, affecting the platform's operational systems rather than its on-chain smart contracts. This incident highlights risks in the platform's external systems li...
Stablecoin market value fell by about $14 billion from its May peak, with June seeing the largest monthly supply drop of $7.7 billion since 2022. Despite this, transaction volume surged 63% to a record $1.83 trillion in June, indicating stablecoins a...
Tether's USAT, a US-regulated stablecoin backed by Anchorage Digital Bank, launched on the Celo blockchain, marking its first deployment outside Ethereum. The launch includes native minting, burning, and planned gas fee payments directly in USAT, sim...
