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TrueUSD firmly denies issuing a Euro stablecoin, community speculates: Has the private key been stolen?

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TrueUSD firmly denies issuing a Euro stablecoin, community speculates: Has the private key been stolen?

The deployer of the stablecoin issuer TrueUSD recently issued a token with a name similar to the Euro, but TrueUSD emphasized that this was not issued by them. There are concerns raised by the public regarding whether the private keys related to TrueUSD have been compromised.

TUSD Deployer Rug Pull?

On October 13, the contract deployer of stablecoin issuer TrueUSD released a stablecoin called TrueEURO (TEURO) that seemed to be pegged to the Euro, minting 70 million TEURO tokens, as pointed out by the on-chain analytics firm ChainArgos.

However, shortly after trading on Uniswap began, a Rug Pull occurred, with liquidity dropping to just $34 and the token price plummeting.

TrueUSD: Not Affiliated with TEURO

In a tweet, TrueUSD explained that the deployer did not have permission to the TUSD contract, and the TEURO contract address was not associated with the TrueUSD team.

The tweet continued to emphasize that TUSD's ownership and security were not compromised.

However, there have been speculations that TrueUSD may be reluctant to acknowledge the possibility of a stolen private key.

TrueUSD Private Key Compromised?

ChainArgos published another detailed analysis, emphasizing that the TEURO contract was deployed using TrueUSD's private key. Given TrueUSD's admission of a hack on September 18, ChainArgos speculated:

  1. External parties have some of TrueUSD's private keys.

  2. TrueUSD has not disclosed the full extent of the hack.

  3. It may jeopardize TrueUSD's bank reserves.

Well-known on-chain detective ZachXBT also agreed, stating that if TrueUSD claims they did not issue TEURO, he would believe TrueUSD's private key has been compromised.

For more concerns regarding TUSD, please see:

In-depth Investigation of TUSD and Sun Yuchen's Related Companies! Crypto Investigator Adam: Trusting TUSD is Trusting Sun Yuchen