USDD

Bitcoin

when

Terra

TRON

<a href="https://bitcoinworld.co.in/justin-suns-usdd-removed-12000-btc-without-dao-approval/" title="Justin Sun’s USDD Removed 12,000 BTC Without DAO Approval" rel="noopener noreferrer nofollow"></a>
<a href="https://usdd.io" rel="noopener noreferrer nofollow">USDD</a>, the algorithmic stablecoin on Tron supposedly governed by the TRON DAO Reserve, has removed approximately 12,000 Bitcoin (BTC) from its collateral, despite the DAO not approving the change.
The coin was originally planned to be a Terra rip-off promoted by Justin Sun, however, ambitions to integrate it into the core of TRON were abandoned following the ignominious failure of Terra-Luna.
Previously, the USDD transparency page included approximately 12,000 BTC in 1KVpuCfhftkzJ67ZUegaMuaYey7qni7pPj; however, that address is no longer included.&nbsp;
Despite Sun and USDD’s frequent claims that it is governed by a decentralized autonomous organization (DAO), there are no governance votes that seem to correspond to this change.&nbsp;
There has actually only been one vote in the entire history of the DAO, back in May 2023, when a vote was held to allow USDD to use ‘burned’ TRX for the stablecoin. This suggests that neither Sun or USDD understand what ‘burned’ means.&nbsp;
USDD has had other issues surrounding its collateral, including storing a significant quantity at HTX, despite not consulting with the so-called DAO.
USDD has a total supply of approximately $744 million, making it larger than TrueUSD, Tether Gold, and the inspiration for the system, Terra Classic.&nbsp;
The ‘Peg Stability Module’ for the token, which enables users to easily swap it for other stablecoins, is nearly drained, holding $19 million USDT, 0 USDC, 0 TUSD, and 0 UDSJ.
Protos has reached out to USDD for comment on these issues but has not received a response at time of publication.

Justin Sun’s USDD Removed 12,000 BTC Without DAO Approval

ItsBitcoinWorld

Autres articles publiés le 22 août 2024

$ZIL is listed on SwissBorg now

Venezuela Blocks Access to Binance and Social Media Platform X Amid Political Tensions

$DOGS Token Explained: All You Need to Know About This Cryptocurrency

Ethereum Sees Surge in On-Chain Activity as Institutional Investment Soars

New Binance CEO Rejects IPO—Can Richard Teng’s 100-Year Strategy Secure the Exchange’s Future?

CluCoin founder pleads guilty to wire fraud

Join our free newsletter for daily crypto updates!