Circle has frozen $12.6 million USDC held in Zama's privacy-focused smart contract following a U.S. court order linked to a class action lawsuit against Overnight Finance's founder, accused of misappropriating over $15 million. The freeze unexpectedly locked all funds in the contract, affecting innocent Zama users due to the pooled nature of the deposits. Zama is investigating and working to separate the disputed funds to restore access. This case raises concerns about the impact of centralized asset controls on decentralized protocols and Circle's blacklisting practices.
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...
Circle has blacklisted and frozen about $12.6 million in confidential USDC (cUSDC) held in a Zama protocol contract on Ethereum, preventing token holders from redeeming their funds. The freeze, linked to funds traced to Overnight Finance amid governa...
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