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The U.S. added an estimated 178,000 jobs in March, rebounding from unexpectedly large job losses in February, according to data released Friday morning. March’s gains were about three times what economists expected, and the unemployment rate edged down to 4.3%. Why the March jobs report matters Market watchers generally viewed…
Circle, the issuer of the USDC stablecoin, is facing renewed criticism after blockchain investigator ZachXBT published a detailed thread titled “Welcome to Circle Files.” ZachXBT alleges that over the past three years, Circle’s handling of USDC in connection with multiple high-profile hacks and thefts has contributed to losses totaling more than $420 million. The investigator also questioned why Circle did not freeze stolen USDC sooner.
ZachXBT said the claims in the thread are supported by verifiable on-chain data. The thread highlights several incidents in which USDC was reportedly moved without timely action from Circle.
In the April 2026 Drift Protocol exploit, more than $232 million in USDC was reportedly bridged from Solana to Ethereum across more than 100 transactions over six hours. ZachXBT said the transfers used Circle’s Cross-Chain Transfer Protocol and that Circle took no action. Security researcher Specter noted that the attacker reportedly avoided converting to Tether during the bridging process, suggesting confidence that Circle would not freeze the funds.
After the Lazarus Group stole $1.5 billion from Bybit, law enforcement reportedly asked both Tether and Circle to freeze a theft address. Tether froze within hours, while Circle reportedly acted 24 hours later.
In October 2024, Radiant Capital was hacked for $58 million by the Lazarus Group. ZachXBT said the attacker stole USDC using open approvals and moved funds across multiple blockchains. The funds reportedly remained in hacker wallets for hours, but Circle did not freeze them.
In October 2022, Mango Markets was hacked for $110 million. ZachXBT said the attacker moved $57.5 million to a Circle deposit address on Solana and later transferred the funds to Ethereum. The attacker was eventually charged by the SEC, but the stolen funds were not frozen on-chain.
In the Nomad Bridge hack, around $45 million in USDC reportedly sat in hacker wallets for 30–45 minutes after the breach became publicly known. ZachXBT said Circle did not blacklist the addresses and that the funds were swapped out.
ZachXBT argued that Circle has the capability to act faster, and that delays have affected users, with losses reaching nine figures. He pointed to the USDC token contract’s freeze and blacklist functionality.
ZachXBT also cited Circle’s terms of service, saying they state Circle reserves the right to restrict access for suspected illicit actors “in its sole discretion.” According to the thread, this would allow Circle to freeze stolen USDC without waiting for court orders. The criticism, ZachXBT said, is that Circle repeatedly chose not to act quickly.
In brief\n\nBitcoin dropped to about $93,000, falling back below the EMA50 and putting its recent golden cross at risk of invalidation. The global crypto market cap stands at $3.15 trillion, down 2.38% in 24 hours. On Myriad Markets, 82% of the money is betting on Bitcoin pumping to $100K before…
