Zama Response to Circle Freezing cUSDC Contract: Legal Team Engaged, Will Soon Restore Compliance Participants' Access
May 30 Flash Update:
In response to Circle’s freeze of the cUSDC Contract (related link: https://www.theblockbeats.info/flash/348562), Zama released an official statement noting that Circle’s compliance system flagged an external depositor’s wallet. Because this wallet held funds in the cUSDC contract, the entire contract was automatically swept into a standard holding freeze. This was an incidental impact—not a sanction against the Zama Protocol. Zama’s legal team has intervened to isolate the flagged address and will promptly restore access for all unaffected participants.
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The EU is assessing a unified tax plan for the crypto industry, estimating about €20 billion in new revenue over a seven-year budgetary period.
May 30: The European Commission projects a new EU-wide tax on crypto firms could pull in roughly €20 billion in fresh revenue for the bloc over the next seven-year budget window spanning 2028 to 2034. Regulators also broke down potential tax streams: a 0.1% levy on crypto transactions would generate about €30 to €40 billion annually, while a tax on crypto capital gains would bring in €10 to €24 billion per year. The proposed crypto tax measures aim to help shore up the EU’s common budget funding, and the plans are now being hammered out in negotiations among EU member states.
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Polymarket Weekly Update: World Cup Special Page Fully Launched, Official Release Imminent
On May 30, Polymarket shared its latest weekly update: The World Cup-themed page is now fully developed, complete with a map view, knockout-stage bracket, and real-time leaderboard. It’s currently in final testing and set for an official launch very shortly.
Perpetual Perps contracts have officially launched on the mainnet. Initially, they support 5 traditional financial assets and BTC, with plans to add more assets down the line.
For technical and developer tools: CLOB order book performance has been significantly optimized, resolving consistency issues while deeper architectural overhauls are slated for next week. The TypeScript and Python SDKs are now open-source, with documentation updated for better clarity. The Unified API has rolled out its first Gamma endpoint, boosting the Gamma system’s high-frequency read path and implementing multiple production environment fixes. Polymarket is keeping up its fast-paced iteration on product features and its broader developer ecosystem.
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$59 million HYPE Spot Price "Sell-off Signal"? Loracle Initiates Slight HYPE Short Position Reduction
May 30 – According to monitoring from on-chain analytics firm Hyperinsight, top HYPE short seller "Trader Loracle" staked 893,000 HYPE tokens that unlocked in the early hours of this past Monday, then transferred those funds to its HyperEVM address Tuesday, valuing the move at roughly $59 million. No further action has been taken on its spot HYPE holdings so far.
Notably, Loracle began reducing its short position two hours ago, executing single transactions of ~$500k at a steady pace, for a total reduction of about $3 million. The whale still holds a massive HYPE short position currently valued at $114 million, with an unrealized loss of $35.5 million; around $27 million in collateral is backing that position.
Over the past month, the whale has unlocked a total of 1.115 million HYPE tokens across two unlock cycles, worth ~$63.51 million in total. Per trackable on-chain records, Loracle sold 557,000 HYPE tokens on May 21, netting roughly $33.35 million at the time.
Market participant
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Opinion: If Hyperliquid Addresses Regulatory Issues, Growth Potential Will Be Nearly Limitless, Global Margin Trading Market Will Be Disrupted
May 30th brought a high-profile debate between former Multicoin Capital co-founder Kyle Samani and leading DeFi researcher DeFi Monk over Hyperliquid’s future.
DeFi Monk is bullish on Hyperliquid, arguing that even with regulatory uncertainty and competitive risks, its long-term potential is massive. He points out that Hyperliquid is disrupting the global derivatives contract trading market—a space seeing roughly $1 trillion in daily nominal trading volume. Even in its current restricted state, Monk calls Hyperliquid a highly robust and attractive business. If regulatory issues are resolved, its growth upside is nearly limitless, potentially making it a mega corporation overnight. Monk frames the worst-case scenario as steady, status-quo growth, while the best case is explosive expansion.
Kyle Samani strongly pushed back hard against Monk’s optimism, asserting Hyperliquid is essentially “Binance 2.0 without a marketing team.” He claims the project made thousands of technical deci
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Analysis: Approximately $12.6 million in Funds Suspected to be Frozen by Circle Linked to Overnight
May 30: On-chain investigator ZachXBT has further revealed that the Zama cUSDC contract—blacklisted by USDC issuer Circle—may be connected to the decentralized finance (DeFi) project Overnight Finance. The linked address tied to Overnight Finance previously deposited around $12.4 million in USDC into the Zama protocol on May 11. Notably, Overnight recently initiated a governance vote to discuss its treasury fund allocation plan; earlier, some users accused the project team of carrying out a rug pull, triggering community controversy.
Prior reports indicate that roughly seven hours ago, USDC issuer Circle seemingly blacklisted the privacy protocol Zama’s confidential USDC (cUSDC) contract address on the Ethereum network, with approximately $12.6 million in funds frozen in the contract. This freezes the locked assets, rendering them temporarily unable to be transferred or utilized.
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