Shocking Revelations: Circle's USDC at the Center of North Korean Cybercrime

On-Chain Sleuth ZachXBT Blows the Whistle

Hold onto your hats, crypto fans! On-chain detective ZachXBT just dropped a bombshell about Circle, the folks behind USDC. He's calling out their so-called "compliance standards" and pointing fingers at their growing use by shady characters.

Get this: ZachXBT says North Korean IT workers are using USDC to move millions in dirty cash. And his comments? They came right after Circle filed for a national trust bank charter, which would let them handle the reserves backing their USD Coin. Talk about timing!

ZachXBT isn't pulling any punches. He's blasting Circle for not doing squat about these sketchy fund flows. "They currently do nothing to detect / freeze the activity while boasting about compliance," he posted. Ouch!

Listen up: "Circle / USDC is the primary infra used by DPRK IT workers to facilitate payments. They currently do NOTHNG to detect / freeze the activity while boasting about compliance. I can point out high 8 figs in recent volume. However it's the crime super cycle so no one cares."

These payments are linked to North Korean cyber crooks who snag remote tech jobs using fake IDs, worming their way into unsuspecting companies' systems. Security experts have been sounding the alarm about this sneaky tactic for ages.

ZachXBT isn't messing around. He claims to have spotted high eight-figure sums flowing through these wallets recently, and most of it? You guessed it, USDC.

Remember how Tether's USDT used to be the poster child for shady dealings? Well, Circle was supposed to be the good guy, the compliance champ, with all those fancy licenses and a squeaky-clean image.

Earlier this year, they went public waving the compliance flag and got all sorts of praise for setting a good example. But now? Circle's failure to act is a slap in the face compared to how Tether and other stablecoin issuers have stepped up, freezing wallets and blocking fishy funds.

Circle hasn't said boo about these allegations yet, but letting sanctioned bad guys run wild? That's a serious hit to their rep.

We reached out to Circle for their side of the story, but so far? Crickets.