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TUSD decoupling, Poloniex unable to withdraw? What happened to Sun Yuchen's TUSD?

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TUSD decoupling, Poloniex unable to withdraw? What happened to Sun Yuchen

The stablecoin TrueUSD (TUSD) started to decline yesterday evening, currently priced at $0.9880, with a deviation of 1.2%. Reports also indicate that TUSD faced difficulties in issuing real-time reserve proofs, leading to the inability to withdraw TUSD on the Poloniex exchange. Furthermore, the Manta Network mining Launchpool launched by Binance today excluded TUSD, causing some suspicion within the community.

Binance Witnesses $42.3 Million Net Outflow in TUSD

According to Cointelegraph, traders 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.

Challenges Arise in TrueUSD's Reserve Attestation

Previous reports indicated that TrueUSD faced difficulties in providing real-time attestations of its reserves recently, as the system's API encountered multiple errors, unable to provide the USD value for its collateral assets.

Poloniex Unable to Withdraw TUSD?

Rho Rider previously mentioned a potential arbitrage opportunity with TUSD in a December 16th post, where the trading price of TUSD on Poloniex has been at $0.92 for weeks, while it remained stable around $0.99 on Binance. Despite the significant arbitrage opportunity, why hasn't anyone taken advantage of it? Rho concluded at the time that "users are unable to withdraw or deposit TUSD on Poloniex, preventing arbitrage trading." According to today's report by Cointelegraph, users can no longer withdraw TUSD from the exchange.

In November last year, Poloniex, founded by Justin Sun, was reported to have been hacked for over $100 million.

Could the Poloniex hacker be the North Korean group Lazarus? Justin Sun: Losses are within controllable range

Binance Manta Mining Excludes TUSD

The launch of Binance's Manta Network mining launchpool today attracted nearly $1 billion in FDUSD and 14 million BNB, causing an over 48% premium for FDUSD. This mining pool exclusion of TUSD has led to speculation within the community regarding issues with TUSD.

Venture partner Adam Cochran praised Binance's new CEO Richard Teng for clearing TUSD for the industry's benefit, as he had previously conducted in-depth investigations, exposing the complex relationship between TUSD and Justin Sun, revealing Chinese-linked companies and suspicious operational models associated with Sun.

Deep Dive into TUSD and Justin Sun's Associated Companies! Crypto Investigator Adam: Trusting TUSD is Trusting Justin Sun