Circle freezes $58 million of USDC linked to the meme coin scam 'Libra'
Fraud under an old name
Circle has frozen $58 million of USDC linked to a fraudulent scheme using the name 'Libra', in a scam that played on the notoriety of the previous Facebook project.
Details of the scam
The fraudsters created a fake meme coin and misled users through fraudulent smart contracts; Circle tracked the transfers and quickly froze the addresses.
Lessons learned
This event highlights the importance of thorough examination of smart contracts and not getting swayed by projects that seem familiar by name only.
#USDC #LibraScam #CircleFreeze #CryptoFraud #DeFiRisks