ZachXBT questions Circle's handling of security incidents, citing centralization risks in the USDC ecosystem
According to Odaily, on-chain detective ZachXBT questioned Circle's handling of security incidents in a post on X, stating that "history has proven Circle to be a bad actor."
ZachXBT noted that about 10 hours ago, the SwapNet contract on the Base network was attacked, resulting in a loss of approximately 13 million USDC. Of this, around 3 million USDC remains at an address (0x6cAad74121bF602e71386505A4687f310e0D833e) that can be frozen by Circle, but so far there has been no effective action taken.
He further questioned why, as a centralized stablecoin issuer, Circle did not take timely action to protect users' interests after their assets were attacked, and asked why developers are still willing to build applications based on USDC, arguing that its centralization risks and governance approach have already impacted trust in the ecosystem.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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