Circle’s USDC Transaction: A Massive Destruction and Forgery of Cryptocurrency
It is reported that, according to Tokenview data, Circle destroyed USDCs worth about 1.07 billion dollars on March 13, and forged USDCs worth about 480 million dollars.
Circle destroyed USD1.07 billion worth of USDC yesterday
Analysis based on this information:
Circle, one of the largest cryptocurrency companies in the world, made headlines recently after it destroyed USDCs worth 1.07 billion dollars and forged USDCs worth 480 million dollars. This news comes as a shock to the cryptocurrency community as Circle was one of the early adopters of USDC, a stablecoin that is pegged to the US dollar.
USDC is a popular cryptocurrency that has gained attention in the last few years due to its stability and predictability. It is a stablecoin that is pegged to the US dollar, which means that one USDC is always equal to one US dollar. This makes it an attractive cryptocurrency for investors who want to avoid the volatility and unpredictability that is associated with other cryptocurrencies.
The destruction of USDCs worth 1.07 billion dollars by Circle is a significant event that raises questions about the stability and reliability of USDC as a cryptocurrency. The reason behind Circle’s decision to destroy such a large amount of USDCs is unknown. However, it is speculated that it may have been done to adjust the supply of USDC in the market.
On the other hand, the forging of USDCs worth 480 million dollars is equally concerning. It is important to note that forgery is illegal in the cryptocurrency world, and the act of forging USDCs could lead to serious consequences for Circle. The reason behind Circle’s decision to forge USDCs is also unknown, and it is unclear what impact this will have on the cryptocurrency market.
The news of Circle’s USDC transaction has sparked a debate within the cryptocurrency community about the stability and reliability of USDC. Some experts believe that this event is a reflection of the need for more regulation in the cryptocurrency market, while others argue that it is an isolated incident that should not be taken as a reflection of the entire industry.
In conclusion, the destruction and forgery of USDCs by Circle is a massive event that raises questions about the stability and reliability of USDC as a cryptocurrency. It is unclear what impact this event will have on the cryptocurrency market, but it is clear that the debate around the regulation of the cryptocurrency industry will intensify in the coming weeks and months.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/7303/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Twitter and eToro: A New Collaboration for Financial Asset Trading
According to reports, Twitter will collaborate with the multi asset investment platform eToro to provide users with access to stocks, cryptocurrencies, and other financial assets.
-
DeFi Trading Goes Mainstream: Hungary’s FTX Leads the Way with Tether and Uniswap
12:00-21:00 Keywords: Hungary, FTX, Tether, Uniswap
Overview of important developments on the evening of March 31
The Hungarian crypto scene is heating up, with the introduction of -
Understanding Federal Reserve Chairman Powell’s Economic Recession Assessment
According to reports, Federal Reserve Chairman Powell stated that the risk of economic recession is non-linear; It is difficult to judge how the banking crisis has caused changes i
-
The Intersection of Technology and Human Consciousness: Recap of ReState Foundation’s Virtual Conference with Vitalik Buterin and Isha Foundation Founders
According to reports, on April 25th, the ReState Foundation held a virtual conference where Ethereum co founder Vitalik Buterin and Isha Foundation founders discussed the intersect
-
PancakeSwap V3: The Cheapest, Most Efficient Way to Increase Liquidity Provider Returns
On April 3rd, it was announced that Decentralized Exchange (DEX) PancakeSwap has launched its V3 version on Ethereum and BNB chains. The upgraded platform will provide the cheapest
-
Members participating in ETH ICO have transferred tokens for the first time in nearly 8 years
According to reports, after a period of 7 years and 9 months, the addresses participating in Ethereum ICO completed their first outward transfer transaction. In July 2015, the wall
-
Layer1 Blockchain Network SUI Announces Second Round of Developer Funding for 8 Open Source Projects
On April 26th, Layer1 blockchain network Sui announced the recipients of its second round of developer funding, with 8 open source projects shortlisted, covering six areas: develop
-
Is Bitcoin the Ultimate Way to Hold Wealth?
According to reports, Tether and Palo Ardoino, the chief technology officer of Bitfinex, said when referring to the events of the past few months, \”The events of these months indic
-
What is the function of the blockloader API (block loading error)
What is the purpose of the blockloader API and what makes block packaging an acceptable operation. During the process of sending to a transaction, it is necessary to use APIs to query the transfer data received and confirm it; At the same time, you can input the corresponding wallet address and password based on this transfer data, and then use this funds to create an account for the transaction; When transferring assets to another wallet, this information and the amount transferred can be obtained by using the data provided by the API Generally speaking, since APIs allow users to obtain different data from multiple blockchains, they do not need to make judgments or checks on different content in each block to change their offline state. Instead, they choose the type of information to be transmitted. However, if you want to interact with other blockchain networks and achieve better functionality, you must connect to an API without involving third-party nodes. Therefore,…
-
Volatility in Cryptocurrencies and the Importance of Risk Control
According to the latest data from CoinGecko, MKR is now quoting US $613.34, down 21.1% in 24 hours. The market fluctuates greatly. Please do a good job in risk…
-
BLUR Whale Address Receives an Enormous Amount of GMX Tokens
It is reported that the Lookonchain monitoring data showed that the BLUR whale address (beginning with \”Oxd945\”) received 33800 GMX (about US $2.55 million) fr…
-
Bernstein predicts a cautious trend in Ethereum price
It is reported that Bernstein said in a research report on Wednesday that due to the market\’s fear of oversupply, the price trend of ETH is expected to remain …
-
KPMG and Underwriters of Silicon Valley Banks Sued for Misleading Statements that Led to the Closure of Silicon Valley Bank
On April 9th, it was reported that KPMG, responsible for providing audit services to Silicon Valley Bank, as well as underwriters of stocks or bonds of Silicon Valley banks such as
-
Star Trek Actors Release NFT “Infinite Connections”
According to reports, \”Star Trek\” actor William Shatner officially released his NFT \”Infinite Connections\” at the Consensius 2023 conference in CoinDesk.
Star Trek Actors Release N -
Ouyi OKX Launches Pepe (PEPE) on May 1st: A Comprehensive Overview
On May 1st, according to official sources, Ouyi OKX will launch Pepe (PEPE). The opening time for PEPE/USDT is 17:00 on May 1st, and the withdrawal time for PEPE is 17:00 on May 2n
-
Meta’s New Product Development Group Focuses on Content-Generated AI Technology
It is reported that Mark Zuckerberg, the CEO of Meta, announced that Meta will form a top product development group, focusing on content-generated AI technolog…