Did You Know That USDC Has A Blacklist Function Where They Can Freeze Your Account?

Did You Know That USDC Has A Blacklist Function Where They Can Freeze Your Account?

Nikhil Chandhok, Chief Product Officer at USDC Issuer Circle, said that the company will only freeze account for “law enforcement purposes” and when required to follow regulations and rules, but we all know that’s a farce and can be used as they please with many different motivations, including political motivations. You donated to the trucker rally with USDC so we blacklisted your money at the behest of the Canadian government.

Here is a circle blog post from May of this year detailing the blacklist function: https://www.circle.com/blog/why-developers-can-trust-usdc

“Q: If I use USDC in my protocol/application, can my protocol/application be blocked?

A: USDC is designed with a high standard for trust, transparency and accountability. Circle and the Centre Consortium only block addresses when we are legally required. This includes court-ordered interventions as well as sanctions compliance following U.S. and international rules. These rules are also designed to protect privacy, and promote competition and interoperability. We take this responsibility very seriously and can share the following data: Of the total $53B+ USDC in circulation, only $2.7M USDC is currently blocked. A total of 38 unique addresses have ever been blocked to date, all of which comply with OFAC sanctions and court orders.

Importantly, the blocking of addresses emits events on-chain, and we encourage the community to monitor those events. Blocking is never done unilaterally or arbitrarily and follows the highest duty of care.”

Source: https://www.reddit.com/r/CryptoCurrency/comments/vgbzgo/did_you_guys_know_that_usdc_has_a_blacklist/

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he Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. he Information on this website is provided as general he Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. he Information on th