zachxbt dropped the circle usdc files

simple breakdown

circle issues usdc and has the ability to freeze funds at its own discretion

but since 2022

15+ cases over 420m in stolen usdc

where little to no action was taken

even when hacks were public in real time

requests came from victims and authorities

funds sat freezable for hours or days

pattern is clear

attackers used circle’s own bridge

moved funds over hours no intervention

in similar cases usdt froze faster

examples

drift hack 232m+ usdc moved over 6 hours no freeze

swapnet 3m sat for 2 days freeze denied

cetus 61m moved action came a month later

and many more cases

point is not capability they can act

question is

why they often didn’t

420m is just public data real number likely higher

zach’s question stands

who is circle actually serving