Circle’s $420M Oopsie: Did They Sleep Through the Heist?

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Oh, Circle. You’ve done it again. Onchain sleuth ZachXBT is calling you out for allegedly letting $420 million in shady USDC slip through your fingers since 2022. Oops? Or just a very long nap?

  • ZachXBT claims Circle ghosted 15 hack and fraud cases, leaving USDC to party with the bad guys.
  • GMX, Cetus, Drift-sounds like a villainous boy band, but no, just more funds Circle didn’t freeze.
  • The drama’s reigniting the “Should stablecoin issuers be superheroes or just bystanders?” debate.

Apparently, Circle had 15 chances to be the hero but chose to be the friend who’s “on their way” but never shows up. ZachXBT’s thread is basically a roast session with receipts, and it’s spicy.

He’s like, “Circle, you had three years, law enforcement on speed dial, and onchain evidence flashing like a neon sign. Yet, here we are.” Minimal effort? More like minimal care.

Take the GMX hack-$9 million in USDC just waltzed off, and Circle was probably busy alphabetizing their desk drawers. Or the Cetus hack, where they blacklisted wallets after the loot was already in Ether. Classic “too little, too late” energy.

And Drift Protocol? $232 million in six hours. That’s not a heist; that’s a masterclass in speed-robbing. Cointelegraph tried to get Circle’s side, but crickets. Classic.

The Great Stablecoin Debate: To Freeze or Not to Freeze?

Everyone’s now asking: Should Circle be the bouncer at the crypto club, or just the guy selling overpriced drinks? They can freeze USDC and blacklist wallets, but apparently, timing isn’t their strong suit.

ZachXBT’s like, “I love Circle, I even hold USDC, but come on-$420 million? That’s not a mistake; that’s a lifestyle.”

“Circle builds good products, and I hold USDC myself. This isn’t a post about hoping they collapse. But maybe set an alarm next time?”

He added that “nine figures vanished because someone forgot to hit ‘freeze.’ And that’s just the public cases. Imagine the ones we don’t know about.”

Circle’s Greatest Hits: The Freeze Chronicles

Remember when Circle President Heath Tarbert was like, “Let’s make USDC transactions reversible!” in 2025? Sounds like they were already brainstorming how to fix their own mess. Too bad it didn’t stick.

But hey, they did freeze USDC tied to Tornado Cash after the Treasury’s sanctions in 2022. So, they’re not completely asleep at the wheel-just selectively napping.

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2026-04-04 10:22