POPA ReconCourt Forces Circle to Freeze $12.6M in Zama's cUSDC Contract
Court Forces Circle to Freeze $12.6M in Zama's cUSDC Contract Circle blacklisted the Ethereum contract behind Zama's confidential USDC (cUSDC) on May 30, locking 12,606,386 USDC. The freeze stems from a class action suit filed May 28 by three OVN-holding funds against Overnight Finance founder Maxim Ermilov, alleging he moved more than $15.7M from treasury wallets. Because cUSDC is a wrapper holding the USDC that backs every confidential token holder, blacklisting the contract froze the entire pool rather than single deposit. Zama CEO said the protocol received no advance notice and that i…
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