coinedition.com
In a sudden turn of events earlier today, hundreds of millions of TrueUSD (TUSD) stablecoins were minted at multiple unknown wallets. On-chain data tracker Whale Alert reported on X (formerly Twitter) that four unknown wallets had minted nearly 54 million TUSD each in a span of 30 minutes today.
The crypto community on X was surprised by the sudden minting of more than 213 million TUSD. Four separate unknown wallets minted 53.9 million TrueUSD each, within minutes of each other. The total fees for the minting event came in at 152.5 TRX ($11.6). TrueUSD is currently the fifth-largest stablecoin by market capitalization.
Despite being sent to four different addresses, a total of 213 million TUSD ended up in the same wallet. On-chain data from Tronscan showed that all of the newly minted TUSD ended up in a Binance Hot Wallet. A Hot Wallet, also referred to as an online wallet, is a crypto wallet connected to the internet used for quick online crypto transfers.
The Binance Hot Wallet which received the 213 million TUSD, currently holds crypto assets worth more than $509 million. This includes 389 million TRX ($29 million), 289 million USDT, 91 million USDC, 281,119 BUSD, and 95.7 million TUSD, among several other tokens. The hot wallet appears to have moved over 117 million TrueUSD to a different address.
The massive TrueUSD minting comes just days after a similar minting event where 54.3 million TUSD were minted at an unknown wallet. Interestingly, those stablecoins were also transferred to the same Binance Hot Wallet. Meanwhile, data from CoinMarketCap shows that TrueUSD’s daily trading volume increased by 29% to $1.4 billion over the past 24 hours.