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"TrueUSD drops below $1 peg to $0.985 amid selloff"

2024-01-16 [vendor] TrueUSD
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Incident Details

TrueUSD, a stablecoin connected to Justin Sun, deviated from its intended $1 peg to around $0.983 as traders sold off more than $100 million of the token seeking safer options. The fears seemed to be sparked by the rapidfire and massive hacks of the Justin Sun-connected HTX (hacked for $115 million) and Poloniex (hacked for $120 million) in November.Adding to those is the fact that TrueUSD recently paused its real-time reserves attestations, due to systems reporting liabilities that exceeded assets, though TrueUSD (obviously) claimed this was just an error.

Technical Details

Vendor / Product
TrueUSD

Timeline

  1. 2024-01-16 Breach occurred
  2. 2024-01-16 Publicly disclosed