Stablecoin TrueUSD (TUSD) started declining yesterday evening and is currently quoted at $0.9880 with a 1.2% decoupling. Other reports indicate that TUSD has encountered difficulties in issuing real-time reserve certificates, and the exchange Poloniex has been unable to withdraw TUSD. In addition, the Manta Network mining (Launchpool) launched by Binance today has excluded TUSD, which has also caused suspicion in the community.
Binance saw a net outflow of $42.3 million in TUSD
As reported by Cointelegraph, traders sold over $339.2 million worth of TUSD on Binance in the past 24 hours, while buy orders were only $296.8 million, for a total net outflow of $42.3 million.
TrueUSD Reserve Proof Difficulties
It was previously reported that TrueUSD has recently had trouble publishing instant proofs of its reserves, with the system's API experiencing multiple errors and being unable to provide a USD value for its collateral assets.
Poloniex has been unable to withdraw TUSD?
Rho Rider mentioned the potential arbitrage opportunities of TUSD in his X post on December 16. For several weeks, TUSD has been trading at $0.92 on Poloniex, while the price on Binance has been stable at around $0.99. Why does no one enter the market with such a huge arbitrage opportunity? Rho’s conclusion at the time was that “users cannot withdraw or deposit TUSD on Poloniex, making arbitrage trading impossible.” According to Cointelegraph’s report today, users are no longer able to withdraw TUSD from the exchange.
$TUSD continues its march down off the Peg on Poloniex, while market cap dives
It’s doing ~$3M/day volume on there (prob wash traded). Meanwhile the price on Binance remains fairly steady.
The big is why isn’t anyone taking the nearly 10% arb#JustinSunIsSettinghttps://t.co/qCUEZebLuk pic.twitter.com/oTo3JTPvnH
— Rho Rider (@RhoRider) December 16, 2023
In November last year, it was reported that Poloniex, the exchange owned by TRON founder Justin Sun, was hacked for more than $100 million.
(Poloniex hackers may be the North Korean organization Lazarus again? Justin Sun: The losses are controllable)
Binance Manta Mining Exclusion TUSD
The Manta Network mining (Launchpool) launched by Binance today attracted nearly one billion US dollars in FDUSD and 14 million BNB (4.4 billion US dollars), resulting in a premium of 48% of FDUSD. This mining excluded TUSD and caused the community to speculate on the issue of TUSD.
Venture capital partner Adam Cochran published an article praising Binance's new CEO Richard Teng for cleaning up TUSD for the benefit of the industry. He had previously conducted in-depth investigations and revealed that the relationship between TUSD and Justin Sun was not simple. He also unearthed information related to Justin Sun. Chinese affiliates and questionable business models.
(In-depth investigation of TUSD and Justin Sun-related companies! Cryptozoologist Adam: Trusting TUSD means trusting Justin Sun)
Big props to @binance for not supporting $TUSD in its latest pools.
Justin Sun’s scammy asset that he has mint keys for should never be treated as a first class stable asset.
A big step in cleaning up Binance for sake of the industry by @_RichardTeng.
— Adam Cochran (adamscochran.eth) (@adamscochran) January 15, 2024
This article TUSD is decoupled, Poloniex cannot withdraw coins, what happened to Justin Sun’s TUSD? First appeared in Chain News ABMedia.
