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Reading: Breaking News: TUSD Stablecoin Lawsuit
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EdaFace Newsfeed > Latest News > Regulations, Law & Policy > Breaking News: TUSD Stablecoin Lawsuit
Regulations, Law & Policy

Breaking News: TUSD Stablecoin Lawsuit

vitalclick
Last updated: September 24, 2024 7:20 pm
4 months ago
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It was one of the stablecoins that made its mark last year and Binance supported it a lot. At that time, we saw rumors that TUSD was used in speculative transactions. Now the SEC is claiming that this project defrauded investors.

TUSD Case

SEC, TUSD It alleges that almost all of its reserves were invested in a speculative offshore fund and that investors were deceived. Complaints were also filed against TrueCoin LLC and TrustToken Inc for the fraudulent and unregistered sale of investment contracts containing TrueUSD (TUSD). According to the SEC’s lawsuit filed in the US District Court for the Northern District of California, the company that develops and operates TrueFi issued unregistered securities.

The complaint also alleges that TrueCoin and TrustToken deceived investors by claiming that TUSD was fully backed by US dollars or equivalent. According to the SEC’s claim, it was invested in speculative funds as a reserve asset. The most crucial part is this;

“The complaint alleges that by approximately March 2022, after TUSD operations were sold to an offshore entity, that entity and TrueCoin invested more than half a billion dollars in assets allegedly backing TUSD in the speculative fund, and by Fall 2022, TrueCoin and TrustToken were aware of redemption issues in the offshore fund, while falsely representing to investors that 1:1 reserves were backed.”

TrueCoin And TrustToken agreed to pay a $340,930 fine to have the case dropped. All of these details are reputational damage for TUSD, so investors should be careful as there is a risk of peg deterioration.

Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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