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Circle Freezes Four EVM Addresses Linked to Coinbase Theft

Circle’s freeze on four EVM addresses with DAI holdings may be circumvented through token swaps, as detailed by blockchain investigator ZachXBT.

USDC
DAI

Summary

Circle froze four Ethereum Virtual Machine (EVM) addresses connected to a Coinbase theft, but the hacker could bypass the freeze by swapping DAI for USDC. Blockchain investigator ZachXBT highlighted the inefficacy of the operation, as the frozen addresses held DAI instead of USDC. Bitrace and MistTrack are assisting in tracking the stolen assets.

Terms & Concepts
  • EVM (Ethereum Virtual Machine): The software environment that runs smart contracts on Ethereum-compatible blockchains.
  • USDC: A U.S. dollar-pegged stablecoin issued by Circle, designed for low-volatility transactions and payments.
  • DAI: A decentralized, dollar-pegged stablecoin maintained by MakerDAO, backed by cryptocurrency collateral rather than fiat reserves.