Stablecoin TrueUSD (TUSD) started to decline yesterday evening, currently priced at $0.9880, with a decrease of 1.2%. Reports also indicate that TUSD encountered difficulties in releasing real-time reserve proof, and the exchange Poloniex is unable to withdraw TUSD. In addition, the Manta Network mining launchpool launched by Binance today excluded TUSD, which has raised suspicions within the community.
According to a report by Cointelegraph, traders have sold over $339.2 million worth of TUSD on Binance in the past 24 hours, while buy orders only amounted to $296.8 million, resulting in a net outflow of $42.3 million.
Earlier reports mentioned that TrueUSD has faced difficulties in releasing real-time proof of its reserves. The system’s API encountered multiple errors, making it unable to provide the dollar value for its collateral assets.
Rho Rider previously mentioned the potential arbitrage opportunity of TUSD in a post on December 16th. For weeks, the trading price of TUSD on Poloniex has been around $0.92, while on Binance it has remained stable at around $0.99. Why hasn’t anyone taken advantage of such a significant arbitrage opportunity? Rho concluded at that time, “Users are unable to withdraw or deposit TUSD on Poloniex, which prevents arbitrage trading.” According to today’s report by Cointelegraph, users are now unable to withdraw TUSD from the exchange.
In November last year, it was reported that Poloniex, an exchange owned by Tron founder Justin Sun, was hacked for over $100 million.
Binance’s Manta Network mining launchpool, launched today, attracted nearly $1 billion worth of FDUSD and 14 million BNB ($4.4 billion), resulting in a 48% premium for FDUSD. This mining launchpool excluded TUSD, which has led to speculation within the community regarding TUSD’s issues.
Venture partner Adam Cochran praised Binance’s newly appointed CEO Richard Teng for cleaning up TUSD for the benefit of the industry. He had previously conducted an in-depth investigation and exposed the complicated relationship between TUSD and Justin Sun, as well as uncovered Chinese-affiliated companies and suspicious business practices related to Justin Sun.
Poloniex, TrueUSD, TUSD, Binance.