Investigations by ZachXBT
@investigations
Investigations by ZachXBT
Фото:
Looks like Circle blacklisted the Zama (privacy protocol) Confidential USDC (cUSDC) contract on Ethereum 7 hours ago which has frozen 12.6M USDC of user funds.
The cUSDC contract is publicly labeled in the protocol docs and on block explorers.
Zama contract address frozen by Circle
0xe978F22157048E5DB8E5d07971376e86671672B2
It still remains unclear why Circle froze the USDC however in March 2026 I reported how Circle froze 16+ hot wallets for businesses, protocols, services without providing any transparency.
Update: After further analysis
0xf7fcc appears to relate to Overnight Finance which held a governance vote recently to distribute treasury funds after holders alleged the team was rug pulling.
Regardless it's precedent setting to unilaterally freeze the contracts / addresses of a protocol where funds have been commingled with Zama users.
0xf7Fcc767dE537953b3519D4b3097A24A6dFE1c84 deposited 12.4M USDC to Zama on May 11, 2026. 0xf7fcc appears to relate to Overnight Finance which held a governance vote recently to distribute treasury funds after holders alleged the team was rug pulling.
Regardless it's precedent setting to unilaterally freeze the contracts / addresses of a protocol where funds have been commingled with Zama users.
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