BlockBeats News, March 24th, on-chain sleuth ZachXBT posted that “Circle Internet Financial froze the hot wallet balances of 16 enterprises last night, involving multiple different businesses. I have directly communicated with one of the affected enterprises, and they stated that this freeze was due to an ongoing US civil case, but specific details have not been disclosed yet. I analyzed on-chain activities, and these exchanges and forex businesses do not seem to be related to each other.”
Cryptocurrency enterprises typically use hot wallets to process the majority of user transactions. An analyst using fundamental analysis tools can identify these wallets as operational wallets processing large amounts of transactions within minutes. However, today, the operations of these enterprises have been negatively impacted by decisions from Circle, legal teams, forensic agencies, and the court.”
