TrueUSD bank FlowBank forced into bankruptcy
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FINMA claims that FlowBank “no longer has sufficient capital for its operations as a bank” and says it’s worried the bank is “over-indebted.”
FINMA claims that FlowBank “no longer has sufficient capital for its operations as a bank” and says it’s worried the bank is “over-indebted.”
This dramatic fall in the market cap of TrueUSD follows Binance’s delisting of several TrueUSD pairs on March 15.
TrueUSD, a dollar-pegged stablecoin connected to Justin Sun, have paused its attestations, citing a ‘balances’ issue.
TrueUSD disclosed a hack of key customer information at about the same time as it had to disclaim tokens issued by deployers.
One of FTX’s general counsels was involved in an attempted acquisition of TrueUSD by Tron and Justin Sun, according to a lawsuit.