TechFlow to TechFlow, on April 13th, The Block reported that Circle CEO Jeremy Allaire responded to criticism at a press conference in Seoul, South Korea, regarding the company's failure to freeze stolen USDC from Drift. He stated that Circle fulfilled its legal obligations and only froze wallets upon order from law enforcement or courts; unilaterally deciding to freeze wallets would constitute a "significant ethical dilemma." He also revealed that Circle is communicating with the US legislature regarding the Clarity Act, seeking to establish a "safe harbor" mechanism for stablecoin issuers in extreme circumstances, but emphasized that such authorization must be clearly defined in legislation, not decided unilaterally by the company.
Circle CEO: USDC not frozen due to "ethical dilemma" in Drift hack incident
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