PANews reported on March 26 that, according to The Block, on-chain investigator ZachXBT stated that Circle has unfrozen the USDC balance of one address among the 16 previously frozen wallets. This address is linked to Goated.com and currently holds approximately 131,000 USDC. ZachXBT expects the other affected wallets to be restored soon.
Previously, Circle froze the USDC balances of 16 hot wallets. ZachXBT claimed these wallets were linked to multiple unrelated operating companies, and the freeze was based on an undisclosed US civil case. ZachXBT criticized Circle for "outsourcing" the freeze decision to a random federal judge, calling it "the most incompetent freeze operation" he had seen in over five years of investigation. The crypto community strongly criticized the freeze, believing it reflects the long-standing problems of centralized regulation of stablecoins.
