Blockchain investigator ZachXBT reported that Circle may have blacklisted the Ethereum contract address associated with Zama’s confidential USDC (cUSDC), freezing approximately $12.6 million in user funds. The address had recently participated in an Overnight Finance governance vote related to treasury allocation. The freeze matters because it raises questions about the impact of blacklist actions on decentralized protocols and users holding tokenized assets. ZachXBT suggested a plaintiff in an ongoing lawsuit may have incorrectly linked the address to the Zama contract. Next, Circle, Zama, and the parties involved are expected to clarify the circumstances surrounding the freeze.
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