Other
"TrueUSD drops below $1 peg to $0.985 amid selloff"
Primary Source ↗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
- 2024-01-16 Breach occurred
- 2024-01-16 Publicly disclosed