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Project Overview
Overnight is the protocol behind USD+ yield-generating stablecoin. It is fully backed by DeFi yield-generating stablecoin assets and is best used for stablecoin liquidity management by individuals and treasuries, capital efficiency in liquidity pools, and as collateral for leveraged yield farming.
Global AI "Dark Horse Myth" Overturned Overnight: Accused of Being a Shell for Alibaba's Qwen
the "official" open-source model Rio-3.5-Open-397B, launched by IplanRIO, an IT company under the Rio de Janeiro City Government, has gained global popularity and been hailed as a rising force in Latin American open-source large models. Within less than 24 hours, this so-called AI "dark horse myth" was reversed, as the model was accused of being a "shell" version that is a weight-mixed variant of Alibaba's Qwen3.5 and NexN2Pro.Currently, IplanRIO has publicly apologized on the open-source community Hugging Face, admitting that an "operational error" led to the upload of a merged baseline version used for comparison. The open-source model team Nex-AGI has publicly alleged that this Rio model shows no traces of training by Rio itself, and that the so-called self-developed model is essentially a weight-mixed version of NexN2Pro and Qwen3.5-397B-A17B. (HuggingFace)
Zama founder: cUSDC freeze incident triggered by Overnight hack funds, cUSDC and other contracts suspended
Odaily Odaily founder Rand posted on platform X, stating that with the assistance of on-chain detective ZachXBT, the team has identified the root cause of the recent cUSDC freeze incident, which is unrelated to the Zama protocol itself or privacy technology. The incident originated when a wallet address associated with the Overnight Finance hack deposited over $12.5 million USDC into Zama's cUSDC wrapper contract. Since the address was not on any sanctions list at the time of deposit and was not flagged by KYT (Know Your Transaction) tools, the funds were able to enter the protocol.Rand stated that law enforcement agencies recently issued asset restriction orders against several wallets linked to the hacker. At that time, the cUSDC wrapper contract held relatively small funds, with over 99% coming from the aforementioned hacker address. Consequently, the court ordered the freezing of the entire wrapper contract to restrict the movement of the related funds. Rand emphasized that this measure is not a sanction against Zama or privacy protocols, but a common judicial freezing measure in the DeFi space.To cooperate with the investigation, Zama has suspended the operation of the cUSDC, cUSDT, and cWETH contracts until the investigation is complete, all involved addresses are identified, and corresponding measures are taken. Rand reiterated that Zama adheres to the principle of "compliant confidentiality" and will not tolerate any illegal activities. He also indicated that a more detailed post-mortem of the incident and a plan for handling similar requests in the future will be released subsequently.
Related news
Global AI "Dark Horse Myth" Overturned Overnight: Accused of Being a Shell for Alibaba's Qwen
the "official" open-source model Rio-3.5-Open-397B, launched by IplanRIO, an IT company under the Rio de Janeiro City Government, has gained global popularity and been hailed as a rising force in Latin American open-source large models. Within less than 24 hours, this so-called AI "dark horse myth" was reversed, as the model was accused of being a "shell" version that is a weight-mixed variant of Alibaba's Qwen3.5 and NexN2Pro.Currently, IplanRIO has publicly apologized on the open-source community Hugging Face, admitting that an "operational error" led to the upload of a merged baseline version used for comparison. The open-source model team Nex-AGI has publicly alleged that this Rio model shows no traces of training by Rio itself, and that the so-called self-developed model is essentially a weight-mixed version of NexN2Pro and Qwen3.5-397B-A17B. (HuggingFace)
Zama founder: cUSDC freeze incident triggered by Overnight hack funds, cUSDC and other contracts suspended
Odaily Odaily founder Rand posted on platform X, stating that with the assistance of on-chain detective ZachXBT, the team has identified the root cause of the recent cUSDC freeze incident, which is unrelated to the Zama protocol itself or privacy technology. The incident originated when a wallet address associated with the Overnight Finance hack deposited over $12.5 million USDC into Zama's cUSDC wrapper contract. Since the address was not on any sanctions list at the time of deposit and was not flagged by KYT (Know Your Transaction) tools, the funds were able to enter the protocol.Rand stated that law enforcement agencies recently issued asset restriction orders against several wallets linked to the hacker. At that time, the cUSDC wrapper contract held relatively small funds, with over 99% coming from the aforementioned hacker address. Consequently, the court ordered the freezing of the entire wrapper contract to restrict the movement of the related funds. Rand emphasized that this measure is not a sanction against Zama or privacy protocols, but a common judicial freezing measure in the DeFi space.To cooperate with the investigation, Zama has suspended the operation of the cUSDC, cUSDT, and cWETH contracts until the investigation is complete, all involved addresses are identified, and corresponding measures are taken. Rand reiterated that Zama adheres to the principle of "compliant confidentiality" and will not tolerate any illegal activities. He also indicated that a more detailed post-mortem of the incident and a plan for handling similar requests in the future will be released subsequently.
ZachXBT: Zama cUSDC Contract Frozen Funds May Be Linked to Overnight Finance
"on-chain detective" ZachXBT posted on his personal channel, stating that upon further analysis, Circle has blacklisted the cUSDC contract of privacy protocol Zama on Ethereum. An address deposited approximately $12.4 million USDC into the Zama protocol on May 11, 2026, and this address is linked to Overnight Finance. Recently, the project initiated a governance vote on Snapshot to allocate treasury funds after users accused the team of conducting a rug pull.Previously, it was reported that the cUSDC contract of the Zama protocol on the Ethereum chain has been blacklisted by stablecoin issuer Circle.