Bitcoin24h $84,386.54+0.08%

Ethereum24h $2,686.20-0.25%

BNB24h $777.26+0.56%

XRP24h $1.51-0.87%

Solana24h $121.95+0.35%

TRON24h $0.3334-0.22%

Zcash24h $1,591.55-3.65%

Hyperliquid24h $91.72-0.46%

Dogecoin24h $0.0964-0.19%

Chainlink24h $13.99-1.05%

Justin Sun bailed out $500M stablecoin TUSD, report

Filings reveal that Techteryx, the firm behind TrueUSD, required a loan from Justin Sun after its reserves got stuck in First Digital Trust.

Is HTX redeeming 80% of TrueUSD?

HTX has sent $406 million of the $502 million total TrueUSD to new addresses in the last few months, perhaps pending redemptions.

TrueCoin and TrustToken have settled SEC charges of misrepresenting TrueUSD as 1:1 backed after funds were sent to a speculative, risky fund.

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.