• The Trust Reserve team that is responsible for the CNHC stablecoin pegged to the offshore yuan has been detained by the Chinese police.
• They operate a cross-border payments business which may have implications for the ongoing case.
• In March, they completed a Series A+ investment round headed by KuCoin Ventures and included IDG Capital and Circle participation.
The Detainment of Trust Reserve Team
PANews, a local Asian outlet, exclusively obtained information that the Trust Reserve team responsible for the CNHC stablecoin pegged to the offshore yuan has been allegedly detained by the Chinese police. Their family members were notified when investigations revealed that their office was empty with a notice stating “Judicial Seizure, Strictly No Vandalism” signed on May 29th 2023 suggesting recent legal action.
Trust Reserve’s Products & Investment Round
Trust Reserve offers various products including an offshore RMB-pegged stablecoin (CNHC) and Hong Kong dollar-pegged one (HKDC). Not only do they offer these products but also a cross-border payments business which could have implications for this ongoing case. This past March, they successfully completed a Series A+ investment round headed by KuCoin Ventures and included IDG Capital and Circle participation raising $10 million in total. At this time around sixty people worked for this firm with plans to bring on more employees in the future.
Potential Impact of Detention
Questions remain regarding what potential impact this detainment will have on Trust Reserve’s operations as there has been no update from their core team in China in over a week causing some degree of unavailability in their protocol. It is unclear as to what will happen next or how long it could take before more information becomes available about this situation.
Security Firm Exposes Vulnerability
In addition to this detainment news, recently security firm exposed $500m vulnerability in TRON’s multisig accounts which could be susceptible to malicious attacks if not handled properly. This news can further complicate matters if not addressed immediately as it could leave users vulnerable since there are many different transactions happening all at once through platforms like TRON’s multisig accounts so its important to make sure everything is secure before allowing users access again .
Conclusion
It is still unclear what will happen next regarding Trust Reserve’s detainment however, it is important to stay updated on any new developments related to both TRON’s multisig accounts vulnerability and Trust Reserve’s detainment situation as both events could greatly impact cryptocurrency operations worldwide if left unresolved or mishandled .