Circle is considering reversible transactions to recover funds from fraud and hacks, contradicting crypto’s principle of irreversible transactions. This move aims to maintain settlement finality while addressing scam victims. Despite decentralization concerns, reversing transactions helped recover $162 million in a recent hack.
Critics question the centralization risks of transaction reversibility, but supporters highlight its benefits for scam victims and mainstream trust in stablecoins. While some believe blockchain is superior to traditional finance, Circle president Heath Tarbert suggests that certain features, like reversibility for fraud, could be beneficial if agreed upon by all parties.
Circle is set to launch its layer-1 blockchain, Arc, which will utilize USDC as its native gas token for transactions. The move towards institutional-grade infrastructure includes integrating with Fireblocks for custody and compliance support solutions, targeting a full launch by the end of 2025.
The Sui community approved a governance proposal to return $162 million in frozen funds from a recent hack. While some criticize the ability to freeze funds, others see this as a positive step against crypto industry hacks. Tarbert suggests that the industry could benefit from adopting certain features of traditional finance.
Read more at Cointelegraph.com
1. Bitcoin reaches new all-time high, surpassing $60,000 for the first time. The cryptocurrency has seen a 100% increase in value in 2021 alone. Experts predict continued growth as institutional investors show increased interest in the digital asset.
2. Ethereum also hits record high, breaking $2,000 mark. The second largest cryptocurrency by market cap has seen a 170% increase in value this year. Analysts believe the recent surge is driven by growing interest in decentralized finance (DeFi) applications.
3. Tesla announces customers can now purchase vehicles using Bitcoin. CEO Elon Musk reveals the company has already invested $1.5 billion in the cryptocurrency. This move is seen as a major endorsement of Bitcoin and is expected to further drive adoption among mainstream companies.: USDC Stablecoin Issuer Circle Examines ‘Reversible’ Blockchain Transactions