SEC Settles Fraud Accusations With Archblock And TrueUSD Firms

Binance News · 2024-09-24T19:43:38.000Z

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has settled fraud accusations with firms associated with Archblock and the TrueUSD (TUSD) stablecoin. The related companies were also accused of offering and selling securities tied to TUSD without registering with the SEC. TrustToken and TrueCoin, now rebranded under Archblock, settled accusations that they misrepresented the backing of the TrueUSD stablecoin and offered securities tied to it without proper registration. The California-based firms did not admit or deny wrongdoing in the settlement. The SEC stated that the companies had claimed TUSD enjoyed one-to-one dollar reserves, while the stablecoin's issuer was instead investing in a speculative and risky offshore commodity fund. The companies agreed to pay $163,766 each in fines, and TrueCoin will return nearly $400,000 in profits and interest, pending federal court approval of the settlement. They have also agreed not to violate relevant securities laws. TrueCoin was the original issuer of TUSD, which later ended up in the hands of offshore firm Techteryx and currently has a market cap of nearly half a billion dollars. TrustToken operated a lending protocol, TrueFi, and the entities in the settlement are accused of engaging in unregistered offers and sales of securities involving TUSD through TrueFi. The SEC noted that they remained closely tied to the asset after transferring the stablecoin to another issuer. The SEC's complaint also mentioned that TrueCoin was partly responsible for the design and content of the TrustToken website, which included links to buy TUSD and invest in TrueFi. Both companies were aware of redemption problems with the stablecoin in 2022. Archblock did not immediately respond to a request for comment. Jorge G. Tenreiro, acting chief of the SEC’s Crypto Assets & Cyber Unit, stated that TrueCoin and TrustToken sought profits for themselves by exposing investors to substantial, undisclosed risks through misrepresentations about the safety of the investment. He emphasized that this case highlights the importance of registration, as investors in these products were deprived of key information needed to make fully informed decisions. At one point, more than 13% of TUSD were tied to profit-seeking opportunities on the TrueFi platform. TUSD slipped from its $1 dollar peg earlier this year.

據 CoinDesk 報道，美國證券交易委員會 (SEC) 已與 Archblock 和 TrueUSD (TUSD) 穩定幣相關公司達成欺詐指控和解。相關公司還被指控在未向 SEC 註冊的情況下提供和出售與 TUSD 掛鉤的證券。
TrustToken 和 TrueCoin（現已更名爲 Archblock）就有關他們歪曲 TrueUSD 穩定幣支持並在未經適當註冊的情況下提供與其掛鉤的證券的指控達成和解。這兩家總部位於加州的公司在和解中既沒有承認也沒有否認存在不當行爲。美國證券交易委員會表示，這兩家公司聲稱 TUSD 享有一比一的美元儲備，而該穩定幣的發行人實際上是在投資投機性和高風險的離岸商品基金。
兩家公司同意分別支付 163,766 美元的罰款，TrueCoin 將返還近 40 萬美元的利潤和利息，等待聯邦法院批准和解。他們還同意不違反相關證券法。TrueCoin 是 TUSD 的原始發行人，後來落入離岸公司 Techteryx 手中，目前市值近 5 億美元。TrustToken 運營着一項借貸協議 TrueFi，和解協議中的實體被指控通過 TrueFi 進行未註冊的 TUSD 證券要約和銷售。SEC 指出，在將穩定幣轉移給另一家發行人後，他們仍與該資產保持密切聯繫。
SEC 的投訴還提到，TrueCoin 對 TrustToken 網站的設計和內容負有部分責任，其中包括購買 TUSD 和投資 TrueFi 的鏈接。兩家公司都知道 2022 年穩定幣存在贖回問題。Archblock 沒有立即迴應置評請求。
美國證券交易委員會加密資產和網絡部門代理負責人 Jorge G. Tenreiro 表示，TrueCoin 和 TrustToken 通過虛假陳述投資安全性，讓投資者面臨巨大的未披露風險，從而爲自己牟取利潤。他強調，此案凸顯了註冊的重要性，因爲這些產品的投資者被剝奪了做出充分知情決策所需的關鍵信息。一度有超過 13% 的 TUSD 與 TrueFi 平臺上的獲利機會掛鉤。今年早些時候，TUSD 已從 1 美元的掛鉤中跌落。

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