Circle Freezes $12.6 Million in Confidential USDC, Impacting Zama Users, Says ZachXBT

• Circle blacklisted Zama’s cUSDC contract, freezing about $12.6M in USDC funds on Ethereum.
• ZachXBT linked a $12.4M deposit to Overnight Finance and said users’ funds were likely commingled.
• Questions grew over legal process as critics say innocent Zama users were caught in the freeze action.

Blockchain investigator ZachXBT has revealed that stablecoin issuer Circle Internet Group blacklisted the Confidential USDC (cUSDC) contract linked to privacy protocol Zama on Ethereum. The freeze impacted around $12.6 million worth of USDC held in the contract.

According to ZachXBT, Circle blacklisted the contract address 0xe978F…72B2 about seven hours before the report. The move effectively froze funds stored inside Zama’s Confidential USDC system. He also noted that the contract was publicly listed in Zama’s documentation and could be easily traced on blockchain ex…

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