USDC Issures Criticized for Delayed Response to Security Issues
He pointed out that Circle has been sluggish in addressing significant security issues, specifically noting the company's delayed action in blacklisting funds associated with the North Korean hacker group Lazarus.
According to ZachXBT, Circle took an additional 4.5 months compared to other major stablecoin issuers to freeze the stolen assets, even after the vulnerabilities in DeFi systems were exposed.
This criticism contrasts with the generally positive view of Tether, which has been recognized for its prompt action in freezing funds involved in malicious activities, despite facing ongoing compliance concerns.
READ MORE: SEC Signals Possible Easing of Bank Crypto Custody Rules
In related news, Allaire recently voiced positive expectations about the U.S.’s evolving role in the cryptocurrency sector. On X (formerly Twitter), he stated that the U.S. is at a crucial juncture and is poised to become a leading force in advancing crypto technology.
Allaire’s comments come in response to criticisms from some within the crypto community who feel the U.S. government has been increasingly antagonistic towards the industry. However, Allaire believes the government is actually fostering innovation rather than hindering it.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
