USDC (USDC)

On-chain researcher ZachXBT released the "Circle $USDC files" containing compliance violation allegations exceeding $420 million since 2022.\n\nAccording to the posts, Circle has been insufficient in handling suspicious USDC movements totaling over $420 million since 2022.\n\nIt is alleged that the company failed to timely freeze approximately $232 million USDC in the Drift Protocol attack that occurred two days ago; $61 million USDC in the Cetus case; $57.5 million USDC in Mango Markets‑related transactions; and about $45 million USDC in the Nomad Bridge incident.

Blockchain investigator ZachXBT alleged that Circle has recorded over $420M in compliance failures since 2022, citing multiple incidents involving large USDC flows not frozen in time, including: ~$232M USDC bridged during the Drift Protocol exploit, $3M USDC in the SwapNet hack, $61M USDC in the Cetus exploit, ~$57.5M USDC linked to the Mango Markets attack, ~$45M USDC in the Nomad Bridge exploit, among others. https://t.co/mOcJSbvxfa

Nobody hates Circle. But I saw someone saying, “Why are we calling out Circle for a decentralized situation?”

If you’re operating a centralized service in a decentralized market, then you should act when it matters that’s exactly the point.

Look at the figures, Circle could have prevented some of these losses, yet they did nothing.

Circle should start considering victims, who are also their users.

It’s even worse that they never give a single reason for their actions. Are they doing this on purpose, or do they just not care about victims?