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At Close: Jun 03, 2026
On-chain investigator ZachXBT has published a detailed investigation alleging delays or failures in USDC stablecoin issuer Circle to freeze theft proceeds worth over $420 million since 2022. Dubbed th
Prominent blockchain sleuth ZachXBT alleged faster action by Circle could have limited crypto losses, but freezing asset without legal authorization carries legal risks.
Circle faces scrutiny after ZachXBT details 15 cases involving $420M in USDC and questions compliance response speed.
Stablecoin issuer Circle is facing mounting scrutiny from blockchain researchers after millions of USD Coin (USDC) were stolen and flowed unimpeded through its proprietary bridge during the $285 milli
ZachXBT criticized Circle for being too slow in intercepting USDC from the Drift Protocol hack. The exploiter even used the native Circle bridge, CCTP.
An on-chain report claims over $420m in USDC compliance lapses, raising questions about how effectively stablecoin controls are enforced.
On-chain investigator ZachXBT has released the ‘Circle Files' in which he highlighted the stablecoin issuer's alleged compliance failures. This follows the Drift exploit, in which he called out the
ZachXBT cites over a dozen cases involving over $420 million, the most recent being the Drift Protocol exploit worth more than $280 million.

ZachXBT Alleges $420M in Circle USDC Failures

10:02am, Friday, 03'rd Apr 2026
ZachXBT alleges Circle failed to act on over $420M in suspicious USDC activity since 2022, putting the stablecoin issuer's compliance claims under pressure.
Circle's USDC added roughly $2 billion in supply during the first quarter of 2026, pulling ahead of rival Tether at a moment when the broader crypto market was contracting. It marked the sharpest dive
Stablecoin Supply Hits $315B in Q1 as USDC Gains on USDT
Can a stablecoin choose not to freeze your funds and still be a stablecoin? That question, posted on X by Columbia Business School professor Omid Malekan, just got a sharp technical reality check from
Toobit is a popular, award-winning cryptocurrency exchange with an international presence. Just recently, the venue announced a new high-yield opportunity window for USDC – the second-largest stable
Circle, the company behind the USDC stablecoin, has announced it will soon launch its own Bitcoin token, named cirBTC. Jeremy Allaire, the firm's CEO, stated that this asset will be backed 1:1 by nati
Stablecoins exploded past $315 billion. The first quarter of 2026 saw massive growth driven by USDC's surge against rival Tether, according to fresh CEX.io data that caught many traders off guard.
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