Zama froze $12.6m in encrypted stablecoin wrappers via court order in under 24 hours. the freeze mechanism wasn't a bug, it was part of ERC-7984, the confidential token standard they co-authored with openzeppelin. frozen-root blacklist verification baked into the spec. 8 of 12 winning ecosystem apps are building on this standard. every single one inherits the same admin key freeze risk. $FHE encrypts your computation but not your compliance exposure. $69.7m market cap says the market already figured out that mathematically perfect privacy with a compliance backdoor is just a more expensive multisig