A shocking incident has rocked the world of cryptocurrency, as a rogue developer is suspected of stealing $50 million in USDC from a prominent crypto payments company. The developer, who had been given admin rights after completing the project, is now the prime suspect in this massive theft.

The stolen funds belonged to the company, which had been using USDC as a stablecoin for its payment services. The theft was discovered when the company noticed a sudden and significant decrease in their USDC reserves. Upon further investigation, it was revealed that the funds had been transferred to various wallets, with no trace of their whereabouts.

The company immediately reported the incident to the authorities and launched an internal investigation. It was soon discovered that the rogue developer, who had been given admin rights to the project, had not been removed from the system after the project was completed. This allowed them to access and transfer the funds without being detected.

This shocking incident has raised concerns about the security and trustworthiness of the crypto industry. While blockchain technology is known for its security and transparency, this incident highlights the importance of proper security measures and protocols in place to prevent such thefts.

The company has assured its customers that their funds are safe and that they are working closely with the authorities to recover the stolen funds. They have also implemented stricter security measures and protocols to prevent any future incidents.

This incident serves as a reminder to all companies and individuals involved in the crypto industry to prioritize security and take necessary precautions to protect their assets. It also highlights the need for stricter regulations and oversight in the industry to prevent such incidents from occurring in the future.