​TUSD representatives deny the connection of the stablecoin with Justin Sun

What’s new? On May 3, it was reported on the web that the conglomerate Techteryx, allegedly owned by TRON blockchain founder and Huobi exchange CEO Justin Sun, gained control of the private keys of the TrueUSD (TUSD) stablecoin. Citing Protos’ story, analyst Adam Cochran said that Sun bought TrueUSD but continues to pay the original US owners to manage the project. In addition, he said that the stablecoin’s team misrepresented real information about reserves and worked with offshore banks. Representatives of TrueUSD denied these allegations, adding that they “reserve our right to pursue legal remedies against your defamation.”

1) TrueUSD was never owned by Justin Sun and it’s a despicable act to smear TUSD’s real-time Proof of Reserve in collaboration with our audit firm and Chainlink, as well as banking partners2) We reserve our right to pursue legal remedies against your defamation https://t.co/D6AOrVKNQw — TrueUSD (@tusdio) May 3, 2023

What else is known about the situation? According to Protos, the change in leadership of TrueUSD took place in 2020. Techteryx became the new owner of the issuer. The conglomerate is registered in Singapore and describes itself as an “Asia-based consortium that will be working with TRON.”

According to journalists, evidence that the Sun controls TUSD could be the recent large transfer of stablecoins to the Binance exchange. TUSD is needed to participate in the farming of SUI tokens as part of the Binance Launchpool, and exchange CEO Changpeng Zhao said it was unacceptable for whales to participate in that program. In response, Sun explained that TRON DAO Venture, TUSD’s affiliate market maker, had made the transfer for its own purposes and not to participate in the shares. In addition, Sun was listed on TrueUSD’s website as an Asia market advisor.

In 2019, the Asian consortium bought the Poloniex exchange, and Sun later admitted to being part of the investor group. He also later denied buying a majority stake in Huobi, claiming he was only on its global advisory board. However, in November 2022, the businessman claimed to have spent more than $1 billion to buy the exchange. Huobi and Poloniex later announced a strategic partnership.