On-chain analyst ZachXBT has criticized Circle's handling of a recent security breach involving the SwapNet contract on the Base network, which resulted in a $13 million loss in USDC. ZachXBT highlighted that approximately $3 million of the stolen USDC remains in a wallet that Circle can freeze, yet no action has been taken. He questioned Circle's commitment to user protection, citing the centralized nature of USDC as a risk to the ecosystem's trust and governance. ZachXBT's comments underscore concerns about the centralization risks associated with USDC, as he questioned why developers continue to build on a platform that he claims has a history of inadequate responses to security incidents. The incident raises broader questions about the governance and security measures of centralized stablecoin issuers like Circle.
ZachXBT Criticizes Circle's Inaction in $13M USDC Security Breach
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