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ZachXBT: Frozen Zama cUSDC funds may be related to Overnight Finance

MeNews
ME News Report, May 30 (UTC+8), ZachXBT pointed out that Circle has blacklisted the Zama cUSDC contract, with approximately $12.4 million in funds believed to be potentially linked to the DeFi project Overnight Finance. Currently, Overnight Finance is under widespread controversy due to allegations of a Rug Pull by its team. (Source: MLion)
ZAMA-1.61%
CRCLX0.27%
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Glass-HeartMarketMaker
· 16h ago
cUSDC can all be hacked; you should consider the Circle protocol carefully.
View OriginalReply0
SlippageSailor
· 16h ago
12.4 million dollars can be frozen instantly; that's the Achilles' heel of centralized stablecoins.
View OriginalReply0
MoonlightColdWallet
· 17h ago
At a time like this, the transparency of DeFi instead becomes a “spotlight” that reveals everything—everything is clearly visible on-chain.
View OriginalReply0
GlassCityAfterTheRain
· 17h ago
The blacklist mechanism is a double-edged sword; it makes asset recovery easier but also concentrates too much power.
View OriginalReply0
OwlChainViewer
· 17h ago
Overnight Finance was mentioned before—I didn’t expect it to blow up this fast.
View OriginalReply0
LittleSunOfStainedGlass
· 17h ago
At times like this, I really miss purely decentralized designs, even though there are other risks involved.
View OriginalReply0
TheRedTelephoneBoothInTheRuins
· 17h ago
Waiting for the follow-up, see if the funds can be recovered partially.
View OriginalReply0
ToBeHonest,You'llLose
· 17h ago
12.4 million is not a small amount; Circle probably faces a lot of pressure too.
View OriginalReply0
GateUser-55f70f75
· 17h ago
Team rug pull, users foot the bill, old tricks again
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