Hinkal Protocol Suspends Affected Contracts After Unusual USDC Activity on Ethereum

Hinkal Protocol said it has detected unusual activity involving USDC within its system on the Ethereum network and has suspended affected smart contracts as a precaution. According to Odaily, the issue is currently limited to the Ethereum blockchain, and other chains have not been affected. The decentralized privacy protocol said it is conducting a comprehensive investigation and analysis of related on-chain transactions and activity. It added that the investigation is ongoing and it will provide updates after information is confirmed. Odaily previously reported that suspicious USDC transactions on Hinkal resulted in a loss of $800,000.