Circle Begins Unfreezing USDC Wallets After Controversial Mass Freeze
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March 24: Circle froze 16 USDC hot wallets tied to exchanges, online casinos and forex firms under a sealed U.S. civil court action. Blockchain analyst ZachXBT reports wallet activity was normal and not linked to crime; Circle has begun unfreezing some wallets but has given no clear public explanation. Incident highlights centralization and regulatory/control risk for the USDC stablecoin, raising security and counterparty concerns for crypto firms, CEX/DeFi liquidity and adoption.
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- Circle froze 16 USDC wallets tied to exchanges and crypto firms.
- ZachXBT said wallets showed normal use, not linked to crime cases.
- Circle begins unfreezing wallets but gives no clear explanation yet.
Circle, the company behind the USDC stablecoin, has begun reversing a controversial freeze of 16 USDC wallets tied to crypto businesses. The action triggered backlash across the crypto community, especially after investigators found no clear links to criminal activity. The partial reversal has raised fresh concerns about stablecoin control.
Circle Freezes 16 USDC Wallets Linked to Businesses
On March 24, Circle froze 16 hot wallets belonging to various crypto businesses, including exchanges, online casinos, and forex firms. The freeze was linked to a sealed U.S. civil court case.
No public warning was given, and affected businesses suddenly found themselves una…
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