TLDR Tech / Crypto
Arc mainnet USDC bridge is misleading
An investigator claims bridging USDC to Arc mainnet to receive eUSD scheme is fraudulent as the vault, bridge, and eUSD contracts are unverified, single-wallet-owned, and contain a sweep function letting the anonymous owner drain the entire ~$490,000 USDC reserve in one transaction. Arc mainnet isn't actually open, and deposits aren't verified onchain before eUSD is minted. The bridge's exchangeOpen and isSolvent flags currently read false so users can't withdraw. The owner has already moved over $200,000 offchain via cross-chain relay this week, including a single $142,000 transfer.
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