12 0
Stablecoin Issuer Circle Considers Reversible Transactions for USDC
Circle, the issuer of USDC, is considering introducing transaction reversibility for stablecoin transactions. This could potentially help recover funds lost to fraud and other exploits.
- Transaction reversibility challenges a core crypto principle: the finality and immutability of blockchain transactions.
- The initiative aims to balance asset recovery with settlement finality.
- Circle President Heath Tarbert believes reversible transactions could be crucial for recovering funds from hacks and frauds.
- While some see it as a way to build trust in stablecoins, it poses a threat to the decentralized ethos of cryptocurrencies.
Cetus Protocol's Experience
- Cetus Protocol, a Sui blockchain-native DEX, was exploited for $220 million by manipulating prices through unchecked math operations.
- The protocol froze $162 million of the stolen funds and achieved an 85-99% recovery rate.
- Cetus relaunched its operations after the recovery process was supported by 90% of votes.
Authors credited by the source: Godfrey Benjamin
Published by Holder based on an external source.
