ZachXBT claims Circle wrongfully freezing exchange wallets

The stablecoin issuer was accused of freezing 16 hot wallets linked to operating businesses, including crypto exchanges and online casinos.

Stablecoin issuer Circle, the company behind the USDC (USDC) dollar-pegged token, wrongfully froze 16 wallets in connection with an ongoing civil legal case in the United States, according to onchain investigator and security researcher ZachXBT.

The wallets in question belonged to crypto exchanges, online casinos and foreign currency exchange businesses, which “do not appear related at all,” ZachXBT said. 

“An analyst with basic tools could have identified, within minutes, that these were operational business wallets from the thousands of transactions they process,” he said

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