A new report from on-chain investigator ZachXBT is putting Circle under intense scrutiny, alleging more than $420 million in compliance failures tied to its flagship stablecoin, USDC, since 2022. Dubbed the “Circle USDC files,” the report outlines a pattern of delayed or absent intervention in cases involving hacked or illicit funds. While other stablecoin issuers acted swiftly to freeze assets in similar scenarios, Circle is accused of repeatedly failing to act in time, even when given clear signals or direct requests from law enforcement and private investigators. 1/ Welcome to the Circle $USDC files. $420M+ in alleged compliance failures since
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