TrueUSD

Adam Cochran, a marketing expert known for his viral threads on Twitter, recently <a href="https://twitter.com/adamscochran/status/1673835234297610247" rel="noopener noreferrer nofollow">raised questions</a> about stablecoin TrueUSD (TUSD) for its doubtful claims. TUSD has been making headlines due to its banking partner, Prime Trust, receiving a cease-and-desist order from Nevada financial regulators who alleged that the company was insolvent.Prime Trust, a Nevada-based crypto custodian, was compelled to <a href="https://protos.com/prime-trust-halts-withdrawals-and-deposits-as-acquisition-fails/" rel="noopener noreferrer nofollow">halt</a> all deposits of fiat and digital assets by regulatory authorities on June 21. The allegations were based on Prime Trust&#39;s failure to safeguard assets under its custody and fulfill clients&#39; withdrawals.Cochran tweeted that the auditor attesting to the TUSD audits was the former FTX auditor, now rebranded as The Network Firm. He <a href="https://twitter.com/adamscochran/status/1673840141025046528" rel="noopener noreferrer nofollow">elaborated</a> that TUSD is a stablecoin that hasn&#39;t disclosed its banking partner and one of its known partners (Prime Trust) is already bankrupt. Additionally, not only does TUSD have audits from a former FTX auditor, but it is also attested by an oracle run only by that auditor.In a lengthy Twitter thread, Cochran also <a href="https://twitter.com/adamscochran/status/1673836335730180096" rel="noopener noreferrer nofollow">pointed out</a> that Prime Trust has $150 million in liabilities, making it impossible for even the owed liabilities to cover the amount of TUSD. On the other hand, TUSD has consistently reiterated that it has &#34;no exposure&#34; to Prime Trust and remains unaffected by the situation.Read full article at <a href="https://cryptotale.org/tusd-draws-crypto-twitter-communitys-attention-for-its-doubtful-claims/" rel="noopener noreferrer nofollow">CryptoTale.</a>

TUSD Draws Crypto Twitter Community's Attention for Its Doubtful Claims

CryptoTale

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