What happened to TUSD of Sun Yuchen, with TUSD unpegged and Poloniex unable to withdraw?
Stablecoin TrueUSD (TUSD) started to decline last night, currently priced at $0.9880, with a decline rate of 1.2%. Reports also indicate difficulties with the immediate reserve proof for TUSD, as Poloniex exchange is unable to withdraw TUSD. Furthermore, Manta Network mining (Launchpool) launched on Binance today, excluding TUSD, which has raised suspicions within the community.
According to Cointelegraph’s report, traders have sold over $339.2 million worth of TUSD on Binance in the past 24 hours, while buy orders only amounted to $296.8 million, resulting in a net outflow of $42.3 million.
Previous reports have mentioned difficulties encountered by TrueUSD in releasing real-time proof of its reserves. The system’s API has experienced multiple errors, preventing the provision of the dollar value for its collateral assets.
In a post on December 16th, Rho Rider mentioned the potential arbitrage opportunities of TUSD. For weeks, the trading price of TUSD on Poloniex has been at $0.92, while it remains stable around $0.99 on Binance. Why haven’t people taken advantage of such a significant arbitrage opportunity? Rho concluded, “Users are unable to withdraw or deposit TUSD on Poloniex, which prevents arbitrage trading.” According to Cointelegraph’s report today, users are now unable to withdraw TUSD from the exchange.
In November of last year, Poloniex, the exchange owned by TRON founder Justin Sun, was reported to have been hacked for over $100 million.
Binance’s launch of Manta Network mining (Launchpool) today has attracted nearly $1 billion worth of FDUSD and 14 million BNB ($4.4 billion), resulting in a 48% premium for FDUSD. This mining launch has excluded TUSD, further fueling speculation within the community regarding TUSD’s issues.
Venture partner Adam Cochran praised Binance’s new CEO Richard Teng for cleaning up TUSD for the benefit of the industry. Cochran had previously conducted an in-depth investigation, exposing the complex relationship between TUSD and Justin Sun, as well as uncovering Chinese affiliated companies and suspicious business practices related to Sun.
Poloniex
TrueUSD
TUSD
Binance
Further reading:
Poloniex hacker possibly linked to North Korean group Lazarus? Justin Sun: Losses within controllable range
1+1>2? Justin Sun: Fire may affect Poloniex, potential merger in the future
