POPA ReconCircle freezes $12.6M in Zama cUSDC contract amid Overnight suit
Circle freezes $12.6M in Zama cUSDC contract amid Overnight suit A US federal judge ordered Circle to blacklist Zama's confidential USDC (cUSDC) contract, freezing $12.6M in pooled USDC early Saturday. cUSDC is a wrapper holding the USDC that backs every confidential token holder - so blacklisting the contract locked the entire pool, not just the one disputed deposit. The dispute itself has nothing to do with Zama. A class action filed May 28 accuses Overnight Finance creator Maxim Ermilov of moving $15.77M from a shared treasury just before OVN holders voted to liquidate it. 🔗 theblock.…
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