DeFi News Daily Official TheBitTimes.com

Justin Sun bailed out $500M stablecoin TUSD, report Court filings in Hong Kong and reporting from CoinDesk have revealed that Techteryx, the firm behind TrueUSD, required a loan from Justin Sun after its reserves became stuck in First Digital Trust and it became effectively insolvent, unable to redeem its tokens.  This runs contrary to certain public claims by TrueUSD that during the period in question, it continued to claim that it was backed “1:1” by US dollars — even after it started having redemption issues with First Digital. These claims relate to TrueUSD’s relationship with First Digital Trust, which was its primary asset manager.  TrueUSD trusted First Digital to manage its reserve, and First Digital Trust invested in trade finance on its behalf. TrueUSD has since alleged that it was unable to redeem those funds and that First Digital directed some assets to another firm, “Glass Door,” apparently without permission f...

The entire cryptocurrency market was painted red. Most assets witnessed a major downfall over the weekend. Amidst this, Tron’s native cryptocurrency, TRX, was one asset that witnessed a slight recovery. The asset reached a new peak earlier this month, restoring hope back into the community. The community is waiting for the altcoin to reach a new high and hit the coveted 50-cent mark. Can the asset surge to this peak by the end of the month? Also Read: Dogecoin: New Price Forecast Predicts DOGE To Hit $0.73 Tron’s Road To Recovery Until 2025 Source: Shutterstock After recording a drop to $0.2417, Tron’s TRX was back on top. Justin Sun’s asset was trading at $0.2495 after surging by 0.72% over the past 24 hours at the time of writing. The altcoin rose to an all-time high of $0.4407 about 20 days ago before dropping by 43% since this peak. Source: CoinMarketCap The number of transactions carried out on Tron’s network has lately surpassed previous milestones. T...

Justin Sun recently took to X (formerly Twitter) to brag about how much of his personal wealth he stores on his cryptocurrency exchange , HTX . The image he provided seems to claim that he currently has 28,613 Bitcoin on the platform, worth about $1.7 billion. However, the HTX ‘proof of reserves’ dated February 1 appears to show that HTX had a total of 21,651 bitcoin, approximately three-quarters of the amount that Sun claims to hold on the exchange. HTX provides a tool that can be used to verify the results of the proof of reserves process. The ‘snapshot’ included lists the addresses considered for this analysis. The addresses that exist on Bitcoin that are disclosed in this snapshot are: 143gLvWYUojXaWZRrxquRKpVNTkhmr415B, which has a balance of approximately 1,094 bitcoin. 12qTdZHx6f77aQ74CPCZGSY47VaRwYjVD8, which has a balance of approximately 8,970 bitcoin. 1HckjUpRGcrrRAtFaaCAUaGjsPx9oYmLaZ, which has a balance of approximately 15 bitcoin. 1LXzGr...