ZachXBT questions Circle's inadequate response to security incidents, stating that the USDC ecosystem has centralization risks

On-chain detective ZachXBT posted on platform X questioning Circle's attitude towards handling security incidents, stating, "History has proven that Circle is a bad actor." ZachXBT indicated that the SwapNet contract on the Base network was attacked, resulting in a loss of approximately $13 million USDC. About $3 million USDC remains in an address (0x6cAad74121bF602e71386505A4687f310e0D833e) that can be frozen by Circle, but no effective action has been seen so far.

He further questioned that as a centralized stablecoin issuer, Circle did not take timely action to protect user interests after user assets were attacked, and asked why developers are still willing to build applications based on USDC, believing that its centralized risks and governance methods have already impacted ecological trust.