WuBlockchain
On-chain investigator ZachXBT has revealed that Circle appears to have blacklisted the contract address of Zama's confidential USDC (cUSDC) on Ethereum, freezing approximately $12.6 million in user funds roughly seven hours ago. The frozen address had recently participated in an Overnight Finance governance vote on treasury allocation, adding a layer of complexity to the situation.
ZachXBT flagged that one of the plaintiffs in a civil lawsuit against Overnight Finance is Patagon Management — an entity with a documented history of 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, and that the Zama team received no prior notice before Circle executed the freeze.
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