USDC Developers Freeze Address With $100,000
Main page News, Stablecoins

The Centre consortium, issuer of the stablecoin USDC, has just added an Ethereum user account to its blacklist for the first time. The user's wallet has $100,000 in USDC tokens, The Block has reported.

The decision has been made following a request by the authorities, Centre has reported. In order to freeze the funds stored in the wallet, the developers have sent a transaction with the "blacklist(address investor)" function, which bans depositing and withdrawing funds.

Even though the freezing took place on June 16, Centre has decided to disclose the details now. The company has said:

"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."

Only the members of the consortium, including Circle, Coinbase and Impossible Foods, can freeze funds. Before freezing funds a voting must be made. In addition, the freezing is reversible at any time.

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