The USDC project blocked the wallet for the first time at the request of the regulator

CONTENT

  • This is the first time that a blocking of addresses by the regulator has been noticed in the project..

  • The unknown user still has 100,000 USDC in his ideas.

  • USDC is far from the only project to be censored.

International consortium of news organizations developing transparency standards.

USDC stablecoin project consortium blocked a wallet with a balance of $ 100 thousand at the request of law enforcement agencies.

The world is changing and future in Bright for CRU (SKYWAY)

Created by the stablecoin issuer Circle and the American cryptocurrency exchange Coinbase, the CENTER consortium has blocked the user’s wallet for the first time with 100,000 USDC on its balance.

Algorithmic Stablecoins Series: Dan Elitzer and Lewis Freiberg Covering Empty Set Dollar.

The Block was the first to report this..

According to the USDC smart contract transaction, the blocking was initiated by the address belonging to the CENTER consortium.

Who exactly owns the blocked address remains unknown.

In an interview with The Block, a CENTER spokesman confirmed that the consortium has blocked the wallet at the request of law enforcement. More information was not provided.

The chief technical officer of the crowdfunding blockchain platform TokenMarket Mikko Okhtama suggested that the blocked address could be associated with theft, which exactly – Okhtama did not specify.

Economic impact

The cryptocurrency community is already calling to abandon the use of USDC and question the use and reclamation of centralized assets for the development of the DeFi industry.

The news of the first blocking in the history of the project had a significant, albeit short-term, impact on the price of the USDC itself.

Media coverage of the incident caused USDC to lose its peg with other stablecoins for several hours, Ethereum developer Anthony Sassano wrote in his digest..

Such centralization of power poses a big threat not only to USDC holders, but also to users of other stablecoins, for example, DAI..

USDC project blocked wallet for the first time at the request of the regulator

“Could this mean that all borrowed funds provided by USDC to DAI be arbitrarily blocked by CENTER? Of course it can. And this is one of the main reasons to worry, ”added Sassano.

Not the first and not the last

It is noteworthy that USDC is far from the only stablecoin. Stablecoins – literally translated from English “stable” coins – continue to gain popularity in the digital asset market. With … More Ethereum-based Censored.

The issuer of the stablecoin Tether (USDT) is also involved in the regulation of asset turnover and at the time of this writing, 39 addresses with USDT have already been blocked. 

Most DeFiDecentralized finance (DeFi) are financial services built on blockchain technology that offer users access to an open, efficient and … More stable rate.

[perfect_survey id = ”7441 ″]

The popularity of the Compound decentralized lending service is due not only to listings on large exchanges, but also to significant capital inflows, most of which is USDT.

What do you think? Will such centralization affect the viability of stablecoins? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

^^^^HOW TO GET $1,000,000 WITH NO MONEY DOWN WITH FLASH LOANS#######AAVE

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

The USDC project blocked the wallet for the first time at the request of the regulator
USDC project blocked wallet for the first time at the request of the regulator
USDC project blocked wallet for the first time at the request of the regulator
The USDC project blocked the wallet for the first time at the request of the regulator

Similar articles