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The renowned blockchain researcher ZachXBT made serious allegations against Circle, the issuer of the second largest stablecoin in the world. In an extensive report published this Friday, the analyst claims that the company has not acted with the necessary diligence against illegal accounts in USDC.
In particular, the firm does not proceed to freeze funds coming from illegal activities, according to the expert. In his post on X, he cites at least 15 cases that total more than $420 million. The central point of the complaint is the recent exploit of Drift Protocol, valued at over $280 million.
According to ZachXBT, the attacker used Circle's native protocol (CCTP) to move approximately $232 million of USDC from Solana to Ethereum. Despite the laundering process lasting for six consecutive hours through more than 100 transactions, Circle did not freeze the funds in its own native bridge.
The renowned blockchain researcher ZachXBT made serious allegations against Circle, the issuer of the second largest stablecoin in the world. In an extensive report published this Friday, the analyst claims that the company has not acted with the necessary diligence against illegal accounts in USDC.
In particular, the firm does not proceed to freeze funds coming from illegal activities, according to the expert. In his post on X, he cites at least 15 cases that total more than $420 million. The central point of the complaint is the recent exploit of Drift Protocol, valued at over $280 million.
According to ZachXBT, the attacker used Circle's native protocol (CCTP) to move approximately $232 million of USDC from Solana to Ethereum. Despite the laundering process lasting for six consecutive hours through more than 100 transactions, Circle did not freeze the funds in its own native bridge.
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