Odaily Planet Daily News: A review of the proof for TrueUSD shows that despite the allegations raised in the previous settlement agreement by the U.S. SEC, approximately 99.7% of the reserves for this stablecoin are still held by First Digital Trust. It is worth noting that this settlement agreement does not include Techteryx, the company that currently owns TrueUSD. The company has repeatedly denied being controlled by Sun Yuchen, although the former CEO of TrustLabs claimed that Sun Yuchen attempted to acquire the company. The proof further indicates that the company behind it, Moore Hong Kong, values the investments in the fund at 'cost' and ensures that its 'procedures do not include a review of the fair market value of investments within the fund.' This means that even if the fair value of the assets in the fund has dropped to zero, the proof will continue to report the value of investments at cost. Additionally, the explanation from Techteryx's management also pointed out that these assets 'may not be easily convertible to cash, depending on market conditions or fund performance.' Currently, approximately $495 million of TUSD reserves consist of around $502 million held by First Digital and about $1 million in cash. (Protos) Previously, at the end of September, the U.S. SEC announced that it had reached a settlement with TrueCoin LLC and TrustToken Inc. after it had raised allegations against the latter for selling the stablecoin TrueUSD. The SEC indicated that TrueCoin is the issuer of TrueUSD (TUSD) and TrustToken is the developer of the lending protocol TrueFi. Both TrueCoin and TrustToken neither admitted nor denied the agency's allegations and agreed to each pay a fine of $163,766. According to a statement released by the SEC on Tuesday, TrueCoin also agreed to pay $340,930 in ill-gotten gains. From November 2020 to April 2023, TrueCoin and TrustToken 'engaged in unregistered investment contracts in the form of the cryptocurrency TUSD on TrueFi, as well as profit opportunities related to TrueUSD.' The SEC stated that these two companies also 'falsely advertised investment opportunities as safe and reliable,' and fully backed by dollar or dollar-equivalent assets, while in reality, most of the assets were invested in 'speculative and high-risk offshore investment funds to earn additional returns. It is alleged that by September 2024, 99% of the foreign exchange reserves supporting TUSD will be invested in speculative funds.'

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