ZachXBT: Zama cUSDC Contract Frozen Funds May Be Linked to Overnight Finance

Odaily reports that "on-chain detective" ZachXBT posted on his personal channel, stating that upon further analysis, Circle has blacklisted the cUSDC contract of privacy protocol Zama on Ethereum. An address deposited approximately $12.4 million USDC into the Zama protocol on May 11, 2026, and this address is linked to Overnight Finance. Recently, the project initiated a governance vote on Snapshot to allocate treasury funds after users accused the team of conducting a rug pull.

Previously, it was reported that the cUSDC contract of the Zama protocol on the Ethereum chain has been blacklisted by stablecoin issuer Circle.