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USDC's system didn't fail. The money transmitter (smart contract- IRON/TRON) failed, if the USDC is indeed 'locked' or not able to be transmitted. USDC can't be
by runbathtime 5y ago
USDC's system didn't fail. The money transmitter (smart contract- IRON/TRON) failed, if the USDC is indeed 'locked' or not able to be transmitted. USDC can't be compelled by anyone to 'fix' this.
If USDC can revoke any p2p transaction of USDC, that means that they can revoke the transmission of movement of dollars/reserves that USDC token represents. Implicit in that, means they have ultimate control or authority of all p2p transactions or transmissions, and they are not doing kyc/aml on all p2p transactions, thus in violation of money transmitter laws.
- easrng 5y agoI don't remember if there's a way to lock a specific token but I've read the contract and 1. It's behind an UpgradabilityProxy so it can be changed and 2. It includes functions to blacklist addresses and even temporarily pause all transactions.
- tornato7 5y agoCircle can in fact ban addresses from transacting USDC and has done so working with law enforcement: https://www.coindesk.com/circle-confirms-freezing-100k-in-usdc-at-law-enforcements-request https://www.coindesk.com/circle-confirms-freezing-100k-in-us...