cryptonews.net
Justin Sun-backed dollar-pegged stablecoin TrueUSD has encountered difficulty confirming its underlying reserves. According to LedgerLens, a real-time reserve balance dashboard displayed on TrueUSD’s official website, during the last reporting period the system received API errors or no response from the price source and was unable to apply a U.S. dollar value to the collateral assets for that point in time. As a result, the system received errors from third-party systems, “resulting in the sum total of liabilities being greater than the sum total of the relevant assets.”
At the time of writing, TrueUSD has not made any public statements on this matter. This is not the first time TrueUSD has encountered attestation difficulties. In June 2023, the stablecoin temporarily suspended automatic attestation due to balance discrepancies, just a week after the glitches were resolved.
In October 2023, a security breach involving a third-party vendor exposed sensitive data from TrueUSD customers, who learned of the incident through TrueCoin, its former service provider responsible for managing the company’s banking operations, customers, and products. While the incident did not compromise TrueCoin’s internal IT infrastructure, it did expose certain customer data, including names, email addresses and phone numbers, affecting those who joined the platform between 2018 and 2019.
Image: Capital