ZachXBT claims KuCoin ignores victims and law enforcement. See what the on-chain sleuth said about KuCoin’s compliance failures. On-chain investigator ZachXBT has publicly accused KuCoin of failing crypto theft victims. His claims surfaced in a reply on X to a user who lost life savings to hackers. The victim, posting under the handle WAWA, said […]
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The post Circle Freezes $12.6M USDC in Zama Protocol, Sparks Criticism appeared on BitcoinEthereumNews.com.
Terrill Dicki
May 30, 2026 18:52
Circle’s $12.6M USDC freeze in Zama’s protocol raises concerns over unilateral actions and selective enforcement in the stablecoin market.
Stablecoin issuer Circle has frozen $12.6 million in USD Coin (USDC) tied to Zama, a privacy-focused protocol, according to on-chain analyst ZachXBT. The freeze, which reportedly occurred without prior notice, has reignited criticism over Circle’s ability to unilaterally blacklist addresses and confiscate funds at the smart-contract level. According to ZachXBT, the affected funds were linked to Zama’s confidential USDC (cUSDC) smart contract. The smart contract was publicly labeled on blockchain explorers, and $12.4 million had been deposited into it by wallets associated with the DeFi protocol Overnight Finance earlier in May. Overnight Finance itself recently faced allegations of misappropri
Stablecoin issuer Circle has reportedly blacklisted a smart contract linked to privacy protocol Zama, freezing approximately $12.6 million in user funds. The development, first flagged by on-chain investigator ZachXBT, involves the protocol’s Confidential USDC (cUSDC) contract deployed on Ethereum seven hours before ban. The affected contract address had been publicly documented in Zama’s docs and visible […]
The post ZachXBT Flags RAIN Token as Possible Insider Pump After $9 Billion FDV Surge With 99.97% of Supply Held by 81 Wallets appeared on BitcoinEthereumNews.com.
A token called RAIN has quietly climbed into the top 15 cryptocurrencies by fully diluted valuation, crossing $9 billion and positioning itself to overtake Zcash on the market cap rankings. Under normal circumstances, that kind of move would generate celebration, research threads, and a wave of new buyers. Instead, it is generating something quite different, a warning from one of crypto’s most trusted on-chain investigators and a set of questions about the token’s supply, volume, and the people behind it that nobody has been able to answer cleanly. A $9 Billion Token that Almost Nobody is Watching RAIN, the native token of Rain Protocol, has reached a top-15 position by fully diluted valuation with an FDV approaching $9 billion, a figure that, on paper, puts it in the same conversation as some of the most established project
The post RAIN token’s $9B surge faces ZachXBT insider warning appeared on BitcoinEthereumNews.com.
RAIN, the token linked to Rain Protocol, has come under scrutiny after crypto traders and on-chain investigator ZachXBT raised questions about its supply structure, liquidity activity and project links. Summary FabianoSolana claimed RAIN reached a $9B FDV while 81 wallets held nearly all supply. ZachXBT said RAIN deployer-linked wallets were active in Uni V3 liquidity positions. The claims add fresh pressure to thinly traded tokens with hidden supply and insider concerns. The discussion began after FabianoSolana claimed that RAIN had become a top 15 crypto token with a fully diluted valuation near $9 billion. The account also alleged that the top 81 wallets hold 99.97% of the token supply. That claim has not been independently confirmed by the project in the posts reviewed. However, it drew attention because high wallet concentration can increase price risk if insiders, early holders or r
The post Circle Freezes $12.6M in Stablecoins Linked to Zama Without Prior Notice: ZachXBT appeared on BitcoinEthereumNews.com.
Stablecoin issuer Circle froze $12.6 million in USDC dollar-pegged tokens linked to privacy protocol Zama’s confidential USDC smart contract on Saturday, according to onchain sleuth ZachXBT. The smart contract is “publicly labeled” on block explorers and the privacy protocol’s technical documentation, ZachXBT said. The exact reason for the freeze is “unclear,” he said, adding that wallets linked to the Overnight Finance decentralized finance (DeFi) protocol deposited $12.4 million into the Zama protocol on May 11, 2026. He said: “Overnight Finance held a governance vote recently to distribute treasury funds after holders alleged the team was rug-pulling. Regardless, it’s precedent-setting to unilaterally freeze the contracts or addresses of a protocol where funds have been commingled with Zama users.” Source: ZachXBT “From my understanding, the Zama team does
The post ZachXBT Says $12.6 Million In Zama CUSDC May Have Been Frozen After Circle Blacklisting appeared on BitcoinEthereumNews.com.
A new controversy is making the rounds in crypto after blockchain investigator ZachXBT said Circle may have blacklisted a contract tied to Zama’s confidential USDC, or cUSDC, on Ethereum, freezing around $12.6 million in user funds. According to ZachXBT, the blacklist action happened roughly seven hours before he shared the update, and it appears to have locked the contract address used for Zama’s privacy-focused stablecoin setup. If accurate, that would mean users suddenly lost access to a very large amount of funds without much warning, which is exactly the kind of thing that tends to set off alarms in the crypto world. What makes the situation even messier is the fact that the address allegedly froze after recently taking part in an Overnight Finance governance vote about treasury allocation. That detail matters because it suggests the contract wasn’t
