🔄 Update: USDT Is Back & Enabled | USDC Permanently Removed

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USDT payments are now enabled on SWAPD.

Supported USDT networks on SWAPD (this is pernament):

  • Ethereum (ERC20)
  • TRON (TRC20)
  • Solana

USDC has been permanently removed

We want to be fully transparent about what happened.

We received the following response from Circle (the issuer of USDC):

“This wallet address was blocklisted in response to a court order served on Circle from the US District Court for the Southern District of New York (case number 26-cv-2327). Law firm Willkie Farr & Gallagher LLP represents parties who obtained the order.”

This means our USDC wallet was frozen due to a legal order outside of our control. As a result, we are no longer able to use USDC safely as part of our operations.

Why USDT

We know how much our users rely on stablecoins, and we want to keep things as operational as possible.

While USDT is not risk free, it has historically been less prone to this type of enforcement compared to USDC. Given the circumstances, this is currently the most practical option for maintaining stablecoin support on SWAPD.

That said, situations like this highlight that stablecoins are not immune to control, and we encourage everyone to remain aware of these risks.

New security procedures (effective immediately)

We have been planning to implement stricter controls for some time, and this incident has accelerated that process.

For all incoming transactions over $10,000 USD :

  • Senders must provide source of funds
  • Senders must provide the sending wallet address in advance
  • We will perform screening checks before accepting funds

Transactions may be delayed or declined if they do not meet our risk criteria.

Our goal is to protect both the platform and our users while keeping operations as smooth as possible under the circumstances.

We appreciate your understanding as we adapt to this situation.

— SWAPD Staff

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⚠️ Important Update: All Stablecoins Temporarily Removed
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Our new risk mitigation system will not eliminate risk or make us immune, but it is expected to reduce exposure by approximately 70 to 80 percent.

The reality is that no stablecoin is fully secure. If you are operating at scale and holding significant balances, this type of event can be severely disruptive.

There is also a hard truth many overlook: once funds are frozen, there is no meaningful recourse through support. In our case, the outcome is tied to an external civil case we had no involvement in.

Please keep this in mind when deciding how and where to store value.

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image972Ă—1580 126 KB

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Understandable man

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I hope this doesn’t mean, Swapd will not be able to access the balance they have in their USDC wallet…..

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Hopefully this decision will be made undone.

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Use a middle wallet not directly from ledger.

Keep ledger as a vault not processing

Also what will happen with previous usdc payments

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This means exactly that.

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Omg. :frowning_face_with_open_mouth:

That’s really tough ……

We hope this get resolved soonest, Cuz wth would anyone file a court order without the awareness of the account owner.

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Welcome to America, where a civil case could block any random funds from around the world. But, point taken, USDC (American) will never be used again on SWAPD.

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Omg :astonished_face:

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@SWAPD

Pivot to DAI

https://coinmarketcap.com/currencies/multi-collateral-dai/

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They are unfreezing some wallets, hopefully Swapd ones too.

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Monero?

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Nothing yet. Not even the lawyers are responding to us :(

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