Last week, our USDC funds were frozen following a court order tied to a sealed case in New York. As the case is not public, we still do not know the exact reason behind the freeze, and it’s likely we never will. We were also among 16 affected entities, though our addresses were not mentioned publicly. Well today we finally received news that our account will be unblocked. With no real explanation to why it was blocked in the first place. But regardless, we are glad we passed whatever audit they did on us.
During this time, we’d like to extend a sincere thank you to ZachXBT for stepping in and offering support. It’s rare to see someone at his level take the time to help smaller players, and we truly appreciate it.
A few takeaways and updates going forward:
- Stablecoins are now under internal review and have raised some concerns on our end. This is a reminder (for everyone) that holding your funds in stablecoins comes at a risk.
- We will be introducing stricter oversight for high-value transactions. While our legal advisors confirmed that our current processes are compliant, additional vetting will be implemented for larger deals.
- The future of USDC on SWAPD is still under discussion. We are leaning toward reinstating it, but no final decision has been made yet.
Lastly, a reminder to always verify our payment addresses before sending funds. Our addresses change frequently.
Thank you for your patience and continued support.
