Blockchain investigator ZachXBT has flagged a major stablecoin freeze that is sending shockwaves through the DeFi community. Circle, the issuer of USDC, appears to have blacklisted the smart contract address belonging to privacy protocol Zama’s Confidential USDC (cUSDC) on Ethereum, locking up approximately $12.6 million in user funds, funds that may have had no direct connection to any alleged wrongdoing. ZachXBT posts the finding to his social channels, noting the blacklist appears to have gone through approximately seven hours before he flags it. By the time the crypto community begins to respond, the funds are already frozen. ZachXBT Catches the
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