September 26, 2024 at 07:28 PM GST updated: September 26, 2024 at 02:33 PM 2 mins read News TrustToken and TrueCoin misled investors by falsely promoting TUSD as fully backed, risking significant investor funds. 99% of TUSD’s reserves were in risky offshore funds by 2024, exposing investors despite claims of full backing. The SEC’s settlement…
The U.S. Securities and Exchange Commission (SEC) has determined that TrueCoin LLC and TrustToken Inc., the developers of the TrueUSD (TUSD) stablecoin, allocated nearly all of their reserves to a high-risk offshore fund. The companies inaccurately asserted that TUSD was entirely backed by U.S. dollars, deceiving investors on the security of their capital. Between November…
Curve Finance is evaluating a proposal to reduce its reliance on the stablecoin TUSD following the resolution of U.S. Securities and Exchange Commission (SEC) charges against Trusttoken Inc. and Truecoin LLC, the companies behind the dollar-pegged token. TUSD Faces Removal From Curve Finance Pegkeeper The proposal, authored by Wormhole Oracle, suggests slashing the debt ceiling…
The U.S. Securities and Exchange Commission (SEC) announced settled charges against crypto companies Trusttoken Inc. and Truecoin LLC. The charges allege fraudulent misrepresentations and unregistered sales of investment contracts related to the stablecoin trueusd (TUSD). U.S. Securities Regulator Charges Crypto Companies Trusttoken and Truecoin According to the SEC’s complaint released on Tuesday, Truecoin and Trusttoken…
Tether, Circle, Paxos, and Techteryx, four of the leading stablecoin issuers, have identified and frozen wallets associated with the Lazarus group, a North Korean hacking group. These wallets containing millions of cryptocurrencies are believed to be involved in laundering of funds from various cryptocurrency thefts. The multiple cyber crime incidents orchestrated by the Lazarus Group…