Circle freezes Zama's cUSDC contract after $12.6M gets trapped amid Overnight link

Circle froze Zama's confidential USDC (cUSDC) contract on Ethereum after more than $12.5 million USDC tied to an address linked to the Overnight Finance hack entered the wrapper, leaving about $12.6 million inaccessible. The contract-level freeze also hit users not connected to the flagged wallet, while ZAMA fell 18.2% intraday from around $0.039 to $0.032 before rebounding to $0.035.