🚨 Circle has blacklisted the contract address of Zama's confidential USDC (cUSDC) on Ethereum, freezing ~$𝟭𝟮.𝟲𝗠 in user funds. The freeze was flagged by on-chain investigator ZachXBT. The address had recently participated in an Overnight Finance governance vote — an entity some users have accused of a rug pull. Patagon Management, known for hostile DAO takeovers, was also linked to the address. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: This is a stark reminder that USDC's blacklist function is a centralized kill switch. When Circle can freeze $12.6M at the contract level, it raises questions about the neutrality of stablecoin infrastructure. For DeFi traders, this adds a new risk layer to any protocol interacting with cUSDC or similar wrapped variants — counterparty risk isn't just about smart contract bugs, it's about the underlying asset's issuer. Expect increased scrutiny on privacy-focused stablecoin wrappers and potential flight to more decentralized alternatives. --source: @WuBlockchain https://x.com/WuBlockchain/status/2060655930208072074 Track real-time signals & trade → https://hupzy.com/trending(Spot On Chain)