Circle’s ‘compliant’ USDC is the go-to for DPRK hackers: ZachXBT
2025-07-01 10:03:04
Main Idea
On-chain investigator ZachXBT alleges that North Korean IT workers are using USDC for illicit payments, criticizing Circle for not taking action to detect or freeze suspicious transactions despite its compliance claims.
Key Points
1. ZachXBT claims North Korean IT workers have moved millions in illicit payments using USDC.
2. Circle is accused of failing to detect or freeze suspicious USDC transactions despite its compliance reputation.
3. North Korean IT workers reportedly use false identities to infiltrate organizations and facilitate these transactions.
4. Circle's rival Tether (USDT) has previously faced criticism for lack of oversight, while Circle was seen as compliant.
5. ZachXBT highlights a significant volume of recent illicit USDC transactions, calling it part of a 'crime super cycle'.
Description
On-chain investigator ZachXBT has raised concerns over USDC stablecoin issuer Circle’s compliance standards and its growing use among malicious actors. According to ZachXBT, North Korean IT workers have been using USDC ( USDC ) to move millions in illicit payments. The on-chain analyst’s comments came in response to Circle’s recent filing for a national trust bank charter, which would authorize the firm to manage the reserves backing USD Coin. ZachXBT criticized Circle ’s handling of the situati...
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