ZachXBT: $12.6M in Zama cUSDC Frozen After Circle Blacklisting ZachXBT revealed that Circle may have blacklisted the contract address of pr…
ZachXBT: $12.6M in Zama cUSDC Frozen After Circle Blacklisting
ZachXBT revealed that Circle may have blacklisted the contract address of privacy protocol Zama’s confidential USDC (cUSDC) on Ethereum around seven hours ago, freezing approximately $12.6 million in user funds. Further analysis showed the address had recently participated in an Overnight Finance governance vote on treasury allocation. Some users had previously accused the project team of conducting a rug pull.
ZachXBT also noted that one of the plaintiffs in a civil lawsuit against Overnight Finance is Patagon Management, an entity known for hostile DAO takeovers and attacks on protocol residual value. He suggested the plaintiff may have misrepresented the connection between the frozen address and the Zama contract to the court, while the Zama team appeared to have received no prior notice before the freeze was executed.
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