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Ethereum Address Holding $100k USDC Gets Frozen

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In accordance with law enforcement requirements, Centre, which issues stable coin USD coins (USDC), has blacklisted an Ethereum address with a value of USD 100,000. The address had a “Blacklist (Address Investor)” function called on June 16, 2020.

It’s not clear why the enforcement was carried out, but Centre made a statement about the blacklist:

“Centre can confirm it blacklisted an address in response to a request from law enforcement. While we cannot comment on the specifics of law enforcement requests, Centre complies with binding court orders that have appropriate jurisdiction over the organization.”

USDC

Although Circle spokesman Josh Hawkins said he could not provide blacklist details, the address appears to be related to the theft of other cryptocurrencies.

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In the comment section of other addresses, a user claimed that the owner of the blacklisted address stole other tokens.

Last week, USDC’s market value was over $1 billion, making it the second-largest stable coin after Tether (USDT). Twitter users compare stable coins to fiat currencies, which shows that USDC can happen in any other stable coin.

Another user said that DAI can solve this centralized control problem, but also rejects the fact that DAI is supported by USDC and other centrally controlled digital currencies.

Typically, the funds held in the Ethereum blockchain are controlled by the address holder, but an address can be blacklisted relative to USDC, preventing them from performing transactions (sending or receiving) via USDC smart contracts.

This issue has raised eyebrows among the community regarding censorship with claims that central government control and censorship will get worse. 

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2 Comments

2 Comments

  1. Unmesh Bandekar

    10/07/2020 at 10:50 am

    Wow……..many address holding large amounts of cryptocurrencies get really frozen easily these days.
    That’s great

  2. Gina

    09/07/2020 at 11:42 am

    Wow……..many address holding large amounts of cryptocurrencies get really frozen easily these days

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