Zest Protocol is powering the lending infrastructure of the Bitcoin economy.
Upcoming BTC-backed loans on L1 without forfeiting custody is the first step toward activating BTC in DeFi.
The most thorough report on Citrea I've read so far, covering all key pillars, including the recent launches of CTR and ctUSD.
A must-read!
Huge thanks to @c4lvin and the FP team for the deep research and for putting it into such a clear, readable format.
BREAKING:
Someone just put up 10,000,000 $HUMA as collateral on @jup_offerbook.
Looking to borrow 128,157 USDC at 6.4% APY for 30 days.
For Lenders: This is your window. Offer expires in 6d 13h.
@humafinance
@diogenes@zama@PatagonLLC You are a clown.
Patagon is not a victim you purposely buy up garbage protocols for civil lawsuits to profit.
Zama an innocent protocol and all of its users were dragged into your legal case.
You did not alert Zama or give them the chance to contest beforehand.
This is the
Circle blacklisted Zama's cUSDC contract cuz one of a suspected wallet linked to rugpull accused Overnight Finance deposited funds into that cUSDC pool.
simply, they could block that specific wallet address linked to Overnight Finance instead of blocking the whole cUSDC
TL;DR: : Open long $zama again
@zama was not the cause of this incident.
This wasn’t a problem with Zama or privacy technology. It was the result of a court-ordered freeze related to hacked funds.
Thanks to @zachxbt, we found the root cause and will be taking the appropriate actions to unblock the situation. Tldr; this has nothing to do with Zama, or privacy.
The issue stems from an address related to the Overnight Finance hack, which deposited over ~$12.5m USDC into our confidential USDC wrapper contract. Back when they did, their address wasn't on any sanctions list and was not flagged by our KYT tools. However, a court order yesterday night placed a restraining order on various wallets linked to the hacker.
Since there wasn't much utility yet for the cUSDC wrapper, there were very little funds in it, and as a result the vast majority (>99%) of funds in the cUSDC contract came from that single hacker's deposit. Because of this, the court order asked to freeze our wrapper contract to freeze the hacker's fund.
So the sanction was not against Zama, or against privacy. It was a classic restraining order as we see often in DeFi, and we should have been notified so we could have taken the appropriate actions on our side.
I want to be very clear about something: our posture has always been compliant confidentiality, and we will not tolerate any illicit behavior in our protocol. It's also really useless for hackers to try to use Zama to hide their trail as we are precisely not a mixer and we do not obfuscate the sender and recipient, only balances and amounts. Eg you can see the hacker's cUSDC transactions here: eth.blockscout.com/address/0xf7Fc…
We are in touch with the various people involved to resolve the situation asap. In the meantime, we will pause the cUSDC, cUSDT and cWETH contracts until we have finished our investigation, identified all addresses linked to this case and taken appropriate action.
I will share a more detailed post-mortem and how we plan to deal with such requests in the future.
Circle's compliance system flagged an external depositor's wallet. Because that wallet held funds in the cUSDC contract, the entire contract was swept into a standard holding freeze.
This is collateral damage, not a sanction against the Zama Protocol.
Our legal team is already engaged to isolate the flagged address and restore access for all unaffected participants as quickly as possible.
Privacy in crypto will win in two forms:
1. Private money — encrypted assets
2. Private computation — encrypted smart contracts
The second category is especially important for institutions because each one of them has its own idiosyncratic requirements—bespoke business logic,
JUST IN
Zama acquires TokenOps to roll out confidential & fully compliant token distributions, airdrops, and vesting.
Public blockchains just became viable for institutional capital.
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