ZachXBT Questions Circle's Inadequate Response to Security Incident, Claims USDC Ecosystem Faces Centralization Risks

Odaily News On-chain investigator ZachXBT posted on platform X, questioning Circle's handling attitude during security incidents, stating that "history has proven Circle to be a bad actor."

ZachXBT indicated that approximately 10 hours ago, the SwapNet contract on the Base network was attacked, resulting in a loss of about $13 million USDC. Among this, around $3 million USDC remains in an address (0x6cAad74121bF602e71386505A4687f310e0D833e) that could be frozen by Circle, but no effective action has been seen so far.

He further questioned that, as a centralized stablecoin issuer, Circle did not take timely action to protect user interests after user assets were attacked. He also asked why developers are still willing to continue building applications based on USDC, believing that its centralization risks and governance methods have already impacted ecosystem trust.