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ZachXBT: Frozen Zama cUSDC funds may be related to Overnight Finance
Deep Tide TechFlow News, May 30 — "On-Chain Detective" ZachXBT recently disclosed that, after further tracking and analysis, the Zama cUSDC contract blacklisted by Circle may be linked to the DeFi project Overnight Finance through frozen funds.
Data shows that an address deposited approximately $12.4 million USDC into the Zama protocol on May 11, 2026, and this address is believed to be associated with Overnight Finance.
It is noteworthy that Overnight Finance recently initiated governance voting to discuss the treasury fund allocation plan. Previously, some users accused the project team of Rug Pull behavior, sparking community controversy.
Earlier reports indicated that Circle had blacklisted Zama's cUSDC contract address on Ethereum, resulting in approximately $12.6 million frozen within the contract. Neither Circle nor Zama has provided detailed explanations for the freeze. The market is now focused on the specific connection between the frozen funds and Overnight Finance, as well as the progress of the ongoing investigation.