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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...

TUSD stablecoin fell to 0.9974 against Tether (USDT) on Binance and 0.80 on Binance .US amid exposure to Prime Trust. Maverick Protocol ( MAV) launchpool on Binance starting to withdraw TUSD . Moreover, reserves on Curve pool has imbalanced further, rising more than 70%. The TUSD deposit and loan interest rates in Aave V2 soared, with the deposit interest rate reaching 42% and loan interest rate reaching 54%. advertisement Source: PeckShieldAlert As a result, whales and investors are taking arbitrage opportunities to swap TUSD for USDC and other stablecoins. TUSD has $20 million in plunge protection buys down to $0.997, but $21 million would take it down to $0.70 on Binance. Notable crypto experts including Adam Cochran, The Wolf Of All Streets, and Parrot Capital took to Twitter to warn about TUSD depeg risks. Moreover, TUSD reserves attestation was provided by The Network Firm (formerly Armanino), the same audit firm that was in charge of FTX.US audit...