Circle, the issuer behind the USDC stablecoin, has frozen $57 million worth of USDC connected to the LIBRA team, according to on-chain data. The move, first reported by Aggr News on X, shows two transactions marked as “freezeAccount,” on the Solana blockchain. Circle’s USDC Transfer Halt Exposes Centralized Control Behind Stablecoins As Circle centralizes control over USDC, freezing the asset is an option built into the system. As a result, its control can be activated, when necessary, usually for law enforcement, sanctions or against suspected unlawful activity. So far, both Circle and other official sources have not explained why the freeze was put in place. These kinds of actions usually indicate that something is suspected by the authorities. Many cryptocurrency users still question how Circle can restrict access to users’ money. The blockchain supports security and follows regulations. However, many crypto fans dislike the changes the company makes to its… Read More at Coingape.com

The post Circle Freezes $57 Million From LIBRA Team Following Court Order appeared first on CoinGape.

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