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17 Apr 2026, 10:22

Tokenized real world assets triple to $29.9 billion

🚨 Tokenized real world assets surged from $8.8B to $29.9B in one year. Wider access has not guaranteed increased liquidity in $USDT and similar assets. Continue Reading: Tokenized real world assets triple to $29.9 billion The post Tokenized real world assets triple to $29.9 billion appeared first on COINTURK NEWS .

17 Apr 2026, 10:20

Sony’s Ambitious On-Chain IP Strategy Unlocks New Era for Entertainment on Soneium Network

BitcoinWorld Sony’s Ambitious On-Chain IP Strategy Unlocks New Era for Entertainment on Soneium Network TOKYO, Japan – In a strategic move poised to reshape the digital entertainment landscape, Sony Corporation is formally pursuing an ambitious on-chain strategy for its vast intellectual property portfolio. The Japanese conglomerate will leverage its proprietary Ethereum Layer 2 scaling network, Soneium, to migrate and manage assets spanning music, animation, gaming, and film. This initiative, first reported by Japanese outlet Nada News, represents a core corporate objective for the year and signals a profound shift in how legacy entertainment giants approach blockchain technology. Consequently, the industry is watching closely as Sony builds the necessary technical and legal infrastructure to support this transformation. Sony’s Soneium Network: The Foundation for On-Chain IP Sony’s strategy centers on Soneium, its custom-built Ethereum Layer 2 network. Fundamentally, Layer 2 solutions operate on top of a primary blockchain like Ethereum. They process transactions off the main chain before settling the final data back onto it. This architecture provides significant advantages. For instance, it dramatically reduces transaction costs and increases speed while maintaining the security and decentralization of the Ethereum base layer. Therefore, Soneium is engineered specifically for high-volume, low-latency applications perfect for consumer-facing entertainment. The company is currently constructing a dedicated IP infrastructure layer on Soneium. This digital framework will serve as the backbone for managing tokenized rights and assets. Simultaneously, Sony’s legal teams are designing novel regulatory frameworks. These frameworks must address complex international copyright law, royalty distribution, and digital ownership rights in an on-chain environment. This dual-track development of technology and governance underscores the project’s scale and complexity. The Technical and Legal Blueprint Industry analysts point to several critical components for Sony’s success. First, the user experience must be seamless for both creators and consumers, abstracting away blockchain complexity. Second, the legal structures must provide clear title and enforceable rights for on-chain assets, a challenge in many jurisdictions. Finally, the ecosystem must attract third-party developers to build compelling applications, moving beyond mere proof-of-concept. Sony’s plan to attract external capital is directly aimed at fueling this last component, creating a vibrant economy around its IP. Transforming a Legacy IP Empire On-Chain Sony possesses one of the world’s most valuable and diverse collections of intellectual property. This portfolio includes legendary music catalogs from artists across its labels, iconic film franchises from Sony Pictures, and globally recognized game titles from PlayStation Studios. Migrating these assets on-chain is not a simple digitization process. Instead, it involves creating unique digital tokens that represent ownership, usage rights, or membership. These tokens can then be programmed with smart contracts to automate royalty payments, enable new forms of fan engagement, and facilitate peer-to-peer trading of digital collectibles. The potential impacts are multifaceted. For rights holders, smart contracts promise transparent and instantaneous royalty distribution. For fans, it could enable verifiable ownership of digital merchandise, exclusive content access, or voting rights in community decisions. For Sony, it unlocks new revenue streams, deepens customer loyalty, and creates a defensible ecosystem around its content. However, the company must navigate significant challenges, including market education, potential consumer resistance, and the volatile perception of blockchain technology. A Comparative Industry Shift Sony’s move aligns with a broader, albeit cautious, trend among media titans. For example, several gaming companies have experimented with NFTs and digital assets, often facing community backlash. Conversely, music platforms have explored tokenized royalties with more niche success. Sony’s approach is distinct in its scope and vertical integration. By controlling the network (Soneium), the IP, and the legal framework, Sony aims to de-risk the experiment and ensure quality control. This integrated model contrasts with partners who simply license their IP to existing blockchain platforms. Key Aspects of Sony’s Reported On-Chain IP Strategy Component Description Strategic Goal Network Soneium (Ethereum Layer 2) Enable fast, cheap transactions for mass adoption. IP Assets Music, film, games, animation Tokenize existing catalog and future releases. Infrastructure Dedicated on-chain IP layer Provide tools for management and development. Legal Framework New regulatory designs Ensure compliance and enforceability globally. Capital External investment attraction Fund ecosystem apps and entertainment projects. Capital and Ecosystem Expansion Plans Beyond the internal migration of assets, Sony plans to actively court external investment. This capital will be directed toward expanding the Soneium ecosystem. Specifically, the funds will fuel development in two key areas: Applications: Funding for third-party developers to build consumer and enterprise tools on Soneium, such as digital marketplaces, fan engagement platforms, and rights management dashboards. Entertainment Experiences: Investment in new forms of interactive media, games, and social experiences that utilize on-chain IP in innovative ways, potentially blending physical and digital worlds. This open ecosystem strategy is crucial. A closed network with only Sony’s content has limited growth potential. By incentivizing external developers, Sony can spur innovation it cannot predict internally. This approach mirrors successful platform strategies in tech, where the value is created by the community of builders, not just the platform owner. The success of this funding drive will be a key indicator of market confidence in Sony’s vision. The Roadmap and Market Implications While Sony has declared this a core annual objective, a full-scale rollout will likely be phased. Initial pilots may focus on a single IP vertical, like music royalties or digital game collectibles, before expanding. The announcement itself has immediate implications. It validates the utility of blockchain for enterprise-scale IP management. Furthermore, it pressures competitors to clarify their own Web3 strategies. The move also attracts talent and partners to the Soneium ecosystem, creating a potential first-mover advantage in the traditional entertainment sector. Conclusion Sony’s pursuit of an on-chain IP strategy via the Soneium network marks a pivotal moment for both the entertainment and blockchain industries. This initiative transcends speculative cryptocurrency trends, focusing instead on tangible utility: managing rights, engaging audiences, and creating new economic models for creative work. The comprehensive plan—encompassing network development, legal innovation, and ecosystem funding—demonstrates a serious, long-term commitment. As Sony builds this infrastructure, the world will witness whether a legacy entertainment giant can successfully bridge its iconic past with a tokenized, on-chain future, potentially setting a new standard for intellectual property management in the digital age. FAQs Q1: What is Sony’s Soneium network? Soneium is Sony’s proprietary Ethereum Layer 2 scaling network. It is designed to handle high volumes of transactions quickly and cheaply, making it suitable for consumer entertainment applications that involve digital assets and intellectual property. Q2: What does “on-chain IP strategy” mean? It refers to the process of representing intellectual property rights—such as copyrights, trademarks, or licenses for music, games, and films—as digital tokens on a blockchain. This allows for programmable management, transparent tracking, and new forms of ownership and monetization. Q3: Why is Sony building its own blockchain network instead of using an existing one? By developing Soneium, Sony maintains control over the network’s technical specifications, upgrade path, and transaction fees. This vertical integration allows for optimization specifically for its entertainment assets and ensures alignment with its corporate governance and legal requirements. Q4: What are the main challenges Sony faces with this strategy? Key challenges include creating user-friendly experiences that hide blockchain complexity, developing legally sound frameworks for on-chain rights across different countries, managing potential consumer skepticism regarding NFTs, and attracting enough third-party developers to build a vibrant ecosystem. Q5: How will this affect ordinary consumers and fans? In the future, fans may gain the ability to own verifiable digital collectibles, access exclusive content through token-gated experiences, participate in community governance, or receive automated royalties for supporting artists. The initial changes will likely be gradual, integrated into existing platforms like music services or game marketplaces. This post Sony’s Ambitious On-Chain IP Strategy Unlocks New Era for Entertainment on Soneium Network first appeared on BitcoinWorld .

17 Apr 2026, 10:16

ORDI Crypto Slams $10 in Huge Reversal: Is NAT Behind ORDI Price Boom?

ORDI crypto just did something most traders had written off as impossible six weeks ago. The flagship BRC-20 token smashed through the $10 psychological barrier this week, posting gains of up to 190% in a single 24-hour window from lows near $3.23, and the question of what’s actually driving this reversal matters more than the headline number. The short answer on NAT: it’s not the catalyst here. The longer answer is more interesting. ORDI’s 48-hour surge carried it from a March 29 cycle low of $2.12 all the way to an intraday high of $10.52, with 24-hour trading volume exploding past $1.14 billion, a volume-to-market-cap ratio of 4x to 6.4x that signals either institutional accumulation or a full speculative frenzy (possibly both). Bitcoin Ordinals daily transactions surpassed 615,000 during the same window, pulling BRC-20 peers like SATS up 52% in sympathy. The Bitcoin ecosystem, which had been dormant for some time, has finally come to life. The price of $ORDI has reached around $10. I reckon there are opportunities to be had here; I’m keeping an eye on this one. (I’m also keeping an eye on other tokens on the network.) Do… pic.twitter.com/LJGZifwayd — IFreqs (@0xifreqs) April 16, 2026 ORDI’s 7-day performance clocked 212–245%, the strongest weekly print since its March 2024 all-time high era. Just as $ORDI is the reserve asset for BRC20, Bitmap is the reserve asset for metaverse-centric assets on Bitcoin Ordinals. BRC420 BRC720 Parcels $BMP $NAT They all move in unison, just figuring out which is the beta will offer highest returns but also knowing… pic.twitter.com/nykgr2etR5 — jake (@Jakegallen) February 2, 2024 The BRC-20 sector has been quietly rebuilding momentum alongside broader Bitcoin ecosystem development, and this week’s volume confirms that narrative is back on the table. Some have attributed the ORDI price pump to Antpool’s beginning distribution of fellow Bitcoin ecosystem token NAT as double-rewards. You wanted proof? Here is the on-chain smoking gun. ​AntPool proxy wallets are actively selling $NAT on @ordinalswallet right now. Look at the tape. ​This is the "Second Subsidy" playing out in real-time. The largest Bitcoin miners on the planet aren't waiting for a… pic.twitter.com/toZenMyaDb — $DMT-NAT (@natgmi) March 30, 2026 Discover: The best pre-launch token sales Can ORDI Crypto Price Hit $15 This Week? At the time of writing, ORDI trades around $10.52, up roughly 22% on the session after briefly pulling back to $7.68 intraday, a 79% intraday spread that underlines just how thin the liquidity remains at these levels. Volume at $1.14 billion dwarfs the token’s $162–177 million market cap by a factor most assets never see outside of manipulation events or genuine breakout moments. Key levels to watch: $7.50 holds as immediate momentum support, with $3.25 as the hard floor from the 48-hour reversal candle. Resistance sits at $10 (psychological, now being tested as support on retests), with analyst targets clustering at $12–$15 on confirmed $10 continuation, and $20 representing prior distribution from the 2024 cycle . ORDI crypto is at that classic post-run checkpoint where it either proves strength or starts giving it back, and $10 is the level doing all the work right now, because if price holds it on a daily close and volume stays high, that is where momentum can kick again and open the $12 to $15 range pretty fast. Source: Tradingview At the same time, a move like this usually needs to cool off, so a more realistic path is consolidation, with price drifting between $7.5 and $10 while early buyers take profits and new buyers step in, building a base for a potential second leg. The risk is if $7 breaks, because that kills the breakout structure, and once that happens, it can unwind quickly toward $5 or lower, especially if Bitcoin loses momentum. And with how big the move already was and volume running this high relative to market cap, some pullback is not just possible, it is expected, so the key is whether support holds during that cooldown. Discover: The best crypto to diversify your portfolio with Bitcoin Hyper Eyes Early Mover Upside as ORDI Tests Critical $10 Level ORDI’s explosion is validation for the Bitcoin ecosystem thesis, but traders entering at $10 are buying a token that has already delivered 300%+ from its low. The asymmetric upside window has compressed significantly. That dynamic is pushing some rotation capital toward earlier-stage Bitcoin infrastructure plays before a similar re-rating occurs. Bitcoin Hyper is positioned at that intersection. The project is building what it describes as the first-ever Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration, targeting sub-Solana latency on top of Bitcoin’s security layer, with a decentralized canonical bridge for native BTC transfers and low-cost smart contract execution that Bitcoin’s base layer has never supported. The presale has raised $32,430,420.30 at a current token price of $0.0136787, with staking available during the raise. If ORDI’s move signals a broader Bitcoin ecosystem re-rating, and Bitcoin’s own macro trajectory supports that thesis , infrastructure plays like this tend to catch a bid after the narrative tokens lead. Presales carry significant risk; tokens are illiquid until launch and may not replicate presale valuations in open markets. Research Bitcoin Hyper here. The post ORDI Crypto Slams $10 in Huge Reversal: Is NAT Behind ORDI Price Boom? appeared first on Cryptonews .

17 Apr 2026, 10:15

Singapore Gulf Bank Pioneers Institutional Stablecoin Service with Revolutionary 24/7 Settlement

BitcoinWorld Singapore Gulf Bank Pioneers Institutional Stablecoin Service with Revolutionary 24/7 Settlement Singapore Gulf Bank (SGB) has launched a groundbreaking stablecoin issuance and exchange service for institutional clients, marking a significant evolution in traditional banking’s approach to digital assets. This strategic move, announced in Singapore on March 15, 2025, enables corporate and institutional account holders to convert fiat currency directly into regulated stablecoins through their existing banking relationships. The service promises 24-hour real-time settlement, addressing a long-standing pain point in cross-border and large-scale digital asset transactions. Singapore Gulf Bank Unveils Institutional Stablecoin Platform Singapore Gulf Bank’s new digital asset service represents a calculated entry into the rapidly expanding institutional cryptocurrency market. The bank initially supports USDC transactions with a minimum threshold of $100,000, specifically targeting corporate treasury operations, hedge funds, and family offices. Furthermore, SGB has confirmed expansion plans to include additional major stablecoins like USDT, USDe, and USDG in subsequent phases. This phased approach allows the bank to ensure regulatory compliance and system stability before broadening its offerings. The bank’s decision follows months of consultation with Singapore’s Monetary Authority (MAS) and reflects the city-state’s progressive regulatory framework for digital assets. Singapore has consistently positioned itself as a global hub for financial innovation while maintaining stringent anti-money laundering and counter-terrorism financing standards. Consequently, SGB’s service incorporates multiple verification layers and transaction monitoring protocols that exceed standard banking requirements. Transforming Institutional Digital Asset Access Traditional financial institutions have historically approached cryptocurrency with caution, often creating accessibility gaps for regulated entities seeking exposure to digital assets. Singapore Gulf Bank’s service directly addresses this institutional demand by providing a familiar, regulated banking interface for stablecoin transactions. Clients can now initiate conversions through their standard online banking portals, eliminating the need for separate cryptocurrency exchange accounts. The 24-Hour Settlement Advantage The platform’s most distinctive feature is its 24-hour real-time settlement capability. Unlike traditional banking systems that operate within business hours and time zones, SGB’s infrastructure leverages distributed ledger technology to enable instantaneous transaction finality. This capability is particularly valuable for institutions operating across multiple jurisdictions or requiring time-sensitive portfolio rebalancing. The table below illustrates the settlement time comparison: Transaction Type Traditional Bank Transfer SGB Stablecoin Service Domestic 1-2 business days Real-time Cross-border 3-5 business days Real-time Weekend/ Holiday Delayed until next business day Real-time Industry analysts immediately recognized the competitive implications of this service. “Banks that integrate digital asset services directly into their core offerings create significant efficiency advantages,” noted Dr. Lena Chen, a fintech researcher at the National University of Singapore. “Singapore Gulf Bank isn’t just adding a cryptocurrency feature—they’re reengineering settlement infrastructure for the digital age.” Strategic Expansion and Regulatory Compliance Singapore Gulf Bank’s roadmap includes expanding beyond USDC to support multiple stablecoins, each serving different institutional use cases. USDT remains the most liquid stablecoin globally, while newer entrants like USDe and USDG offer different collateralization models and regulatory profiles. This multi-coin strategy allows clients to select stablecoins based on specific transaction requirements, counterparty preferences, or regulatory considerations. The bank has implemented several key safeguards to ensure regulatory compliance: Enhanced Due Diligence: All clients must complete additional KYC (Know Your Customer) procedures specifically for digital asset services Transaction Monitoring: Real-time analytics flag unusual patterns for manual review by compliance teams Collateral Verification: Regular attestations verify stablecoin reserve backing through third-party auditors Geographic Restrictions: Services comply with international sanctions and jurisdictional regulations These measures align with MAS guidelines published in late 2024, which established clear standards for banks engaging in digital asset activities. Singapore’s regulatory clarity has become a significant competitive advantage, attracting financial institutions seeking to innovate within well-defined boundaries. Market Impact and Competitive Landscape The launch positions Singapore Gulf Bank among a small but growing group of traditional banks offering direct digital asset services. Major global banks have experimented with blockchain technology for years, but few have integrated consumer-facing cryptocurrency products into their core banking platforms. SGB’s move could accelerate similar offerings from competitors, particularly in Asia’s financially innovative markets. Institutional adoption of stablecoins has grown steadily since 2023, driven by several factors: Reduced counterparty risk compared to unregulated exchanges Improved liquidity management for multinational corporations Enhanced transparency through blockchain transaction records Lower transaction costs for cross-border payments Market data from the Digital Asset Institutional Review (Q4 2024) indicates that over 40% of surveyed institutions plan to increase their stablecoin holdings within the next twelve months. Singapore Gulf Bank’s service arrives as this institutional demand reaches critical mass. Conclusion Singapore Gulf Bank’s stablecoin issuance and exchange service represents a milestone in banking evolution, bridging traditional finance with digital asset infrastructure. The platform’s 24-hour real-time settlement, institutional-grade security, and regulatory compliance framework address key barriers that previously limited corporate adoption. As the service expands to include additional stablecoins like USDT, USDe, and USDG, it will likely become a model for other financial institutions navigating the digital asset landscape. This development reinforces Singapore’s position as a global leader in financial innovation while providing institutional clients with unprecedented access to the growing digital economy. FAQs Q1: What is the minimum transaction size for Singapore Gulf Bank’s stablecoin service? The service currently requires a minimum transaction of $100,000 for USDC conversions, targeting institutional and corporate clients rather than retail customers. Q2: Which stablecoins does Singapore Gulf Bank plan to support beyond USDC? The bank has announced plans to expand support to include USDT (Tether), USDe, and USDG in subsequent phases of the platform rollout. Q3: How does the 24-hour real-time settlement work? The service leverages distributed ledger technology to enable instantaneous transaction finality, operating outside traditional banking hours and settlement cycles. Q4: Is Singapore Gulf Bank’s stablecoin service available to retail customers? Currently, the service is exclusively available to institutional clients, corporate account holders, and qualified investors through the bank’s existing relationship channels. Q5: How does this service comply with Singapore’s financial regulations? The platform operates under guidelines established by Singapore’s Monetary Authority (MAS), incorporating enhanced KYC procedures, transaction monitoring, and regular reserve attestations for supported stablecoins. This post Singapore Gulf Bank Pioneers Institutional Stablecoin Service with Revolutionary 24/7 Settlement first appeared on BitcoinWorld .

17 Apr 2026, 10:13

Bitcoin Breaks Above $75K, But Bears Refuse To Blink

Bitcoin has reclaimed and held above the $75,000 region after the latest rebound, but derivatives data shows the recovery lacks broad conviction. Bitcoin In The Middle Of A Credibility Problem Bloomberg claims Bitcoin has a credibility problem right now. Funding rates on perpetual futures have stayed negative for around a month and a half, meaning leveraged traders are still paying to stay short even as spot grinds higher. This divide ranks among the largest this year between spot price action and how derivatives traders are positioned. Bitcoin has climbed about 14% off its April lows, helped by renewed inflows into US‑listed ETFs and fresh accumulation by Michael Saylor’s Bitcoin treasury firm, MicroStrategy. Related Reading: Hyperliquid’s HIP‑3 Open Interest Skyrockets— Is 24/7 Tokenized Equity About To Rewrite Wall Street? Such a gap between positioning and price rarely lasts long, and it usually ends brutally for someone. When Bitcoin keeps grinding higher, traders shorting the move rack up losses and can be forced to rush in and buy back their positions, driving an abrupt, self‑reinforcing spike known as a short squeeze. The longer this standoff drags on, the more violent that eventual reversal can become. BTC OI-Weighted Funding Rate. Source: Bloomberg. The data brought by Bloomberg shows that net flows into US‑listed spot Bitcoin ETFs have hit about $332 million so far this week, with roughly $26 million added on Thursday alone. By 8 a.m. in London on Friday, Bitcoin was changing hands near the $75,000 mark. This has been one of the longest bearish funding streaks since the post‑FTX capitulation period in late 2022, when sentiment was similarly washed‑out. A Short-Squeeze Risk Vetle Lunde, head of research at K33, told Bloomberg that “Traders are actively building short positions and betting against a breakout, creating conditions where a short squeeze becomes more likely if upward momentum persists”. The current structure looks like a textbook squeeze setup. Negative funding shows that short sellers still dominate leverage and are paying to stay in the trade, even as Bitcoin grinds higher. That slow grind means many of those shorts are already underwater but haven’t capitulated yet, leaving them vulnerable. At the same time, spot liquidity looks thin, so any sharp move can quickly ripple through derivatives and turn into a fast, cascading squeeze. Bloomberg explains that the short-heavy backdrop looks even more fragile given the wave of bullish catalysts hitting the market at the same time, any one of which could spark the kind of upside jolt that forces bears to scramble out of their positions. A Soft Recovery For Bitcoin? MicroStrategy has disclosed two purchases worth a combined $2.6 billion in just the past two weeks, a steady bid that FalconX senior derivatives trader Bohan Jiang says has helped support prices. On top of that, Charles Schwab has unveiled plans to roll out spot crypto trading this year and floated the idea that clients could dedicate up to 8.8% of their portfolios to Bitcoin. This signals just how much fresh demand could still be waiting in the wings. Over the past week alone, US‑listed Bitcoin ETFs have pulled in more than $800 million, flipping from the outflows seen earlier in the year to strong net demand. Every new leg of ETF buying pushes prices higher and makes it more expensive for short sellers to sit in losing trades, ratcheting up the squeeze pressure that has been quietly building in the derivatives market for weeks. Related Reading: Bitcoin Derivatives Are The Earliest Signal Of A Quantum Selloff: Joshua Lim According to Bloomberg, bearish traders could still come out ahead if this latest bounce ultimately breaks down. Deribit data shows options desks paying up for downside protection, with notable open interest clustered in put contracts around the $60,000 and $50,000 strikes. They called this a soft recovery. Laurens Fraussen, research analyst at Kaiko, believes that Bitcoin might see rally that is sure to “catch some people off guard”. Fraussen claims that a break above $76,000 could see BTC extend toward $85,000. At the moment of writing, BTC trades for almost $76k on the daily chart. Source: BTCUSDT on Tradingview. Cover image from Perplexity. BTCUSDT chart from Tradingview.

17 Apr 2026, 10:10

Circle sued over $280M exploit amid yuan stablecoin plans

A Drift Protocol investor has filed a class action against Circle Internet Group, alleging the firm failed to block funds stolen in the $280 million exploit. The suit, submitted in a Massachusetts district court by Joshua McCollum on behalf of over 100 investors, says Circle did not act as hackers moved approximately $230 million in USDC through its Cross-Chain Transfer Protocol (CCTP) system. He argued the platform could have frozen the stolen USDC. “Circle permitted this criminal use of its technology and services. These losses would not have occurred, or would have been substantially reduced, had the USDC issuer taken timely action.” McCollum wrote. The lawsuit comes at a time when Circle is aggressively positioning itself for the next phase of global stablecoin competition. As recently reported by Cryptopolitan , CEO Jeremy Allaire highlighted what he called a “tremendous opportunity” for a yuan-backed stablecoin, suggesting that China could eventually issue a digital version of its currency within the next three to five years. According to Allaire, stablecoins are increasingly becoming tools of currency competition, allowing national currencies to extend their reach in cross-border payments. The Drift Team claims hackers posed as a legitimate firm for months to gain their confidence The Drift investor claims Circle had the legal and technical power to halt the April 1 exploit, yet they stood by as North Korean hackers bypassed withdrawal caps to pull off the biggest crypto heist of 2026. Mira Gibb, the legal team for McCollum and other investors, is now pushing for damages, with the amount to be established at trial. So far, the April 1st attack stands as the year’s most devastating crypto exploit, and the second-largest in Solana’s history. According to the Drift Protocol team, attackers spent six months playing the part of a legitimate quantitative trading firm to build trust before planting a malicious app that dismantled the protocol’s withdrawal safety nets. The exploit also involved durable nonce accounts, allowing attackers to pre-sign transactions and trigger them later. Drift has even characterized the attack as a “highly sophisticated operation.” Nevertheless, aside from Drift’s investors, on-chain analyst ZachXBT slammed Circle for its delayed response, claiming it had six hours to stop over $230 million in USDC from being moved across chains. Moreover, cryptography researcher Specter observed that the hackers felt safe enough to leave the stolen USDC in various wallets for up to 3 hours, clearly betting that Circle wouldn’t pull the trigger on a freeze. Previously, ZachXBT had also taken issue with Circle for freezing 16 USDC wallets without explanation, describing it as the most “incompetent” move he’d seen in five years of on-chain analysis. Circle later clarified that the action was connected to a sealed U.S. civil case. It had shut down wallets connected to exchanges, casinos, forex brokers, and payment processors, as well as the ckETH Minter Smart Contract operated by the DFINITY Foundation. However, the difference between the two cases has renewed debate over centralized control of stablecoins, with critics saying Circle should apply its freezing powers consistently across all situations. Additionally, Bloomberg analyst James Seyffart, in response to the McCallum lawsuit, argued that platforms should freeze stolen funds, even if they lack the authority to do so. He commented, “I hope there’s some precedent set. Either you’re a decentralized protocol and literally do not have the power to freeze, or you’re not, you should be freezing hacked funds.” Tether freezes stolen USDT while Circle defends limits on wallet intervention In a separate development underscoring rising security pressures across the industry, Tether also froze 3.29 million USDT linked to the Rhea Finance hacker address, highlighting ongoing efforts by stablecoin issuers to curb on-chain illicit flows. Tether’s action contrasts with Circle’s more restrained policy, reigniting debate over how much control stablecoin issuers should have over blockchain transactions in the aftermath of hacks and thefts. Despite numerous complaints about Circle’s handling of the exploit, the firm’s CEO explained that it refrains from freezing USDC wallets without legal justification. He contended, “Circle has a very, very clear performance obligation under the law. Circle follows the rule of law, and we are able to undertake actions such as freezing a wallet at the direction of law enforcement or the courts.” He further explained that the company shouldn’t be acting as a digital vigilante, as deciding which funds are good or bad without a court’s input creates a dangerous ethical mess. He tagged it a very risky proposition if the firm should stray from the law and instead make its own decisions. Nonetheless, he stated that he is engaged with U.S. officials developing the Clarity Act, requesting protections for issuers like Circle so they can intervene in extreme circumstances. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .