 | This Wednesday afternoon (3) an unknown address on the Tron Network burned 405 million TUSD after transactions originated from two known addresses: “Binance Hot Wallet” and “Black Hole Address”. The amount burned is equivalent to 16.2% of the total reserve of $2.51 billion of TrueUSD, informed by Chainlink. Due to the dimensions involved, this Wednesday’s burn is a relevant event for the stablecoin. The second origin address is the same “burning address” to which the $405 million was sent and was triggered by a Smart Contract linked to a “Ratify Mint” transaction type. Origin and destination of the US$ 405 millionIt all started at 14:40h this afternoon, with four identical transactions of just under $50 million TUSD and one receipt of $30 million TUSD, originating from the “Binance Hot Wallet” within a 20-minute gap between the first and last transactions. Totalling $230 million TUSD received from the exchange. 20 minutes later, the “unknown address” received eight more identical transactions for $20 million TUSD and a receipt of $15.5 million TUSD. For a total of US$ 175.5 million which, added to previous receipts, totals US$ 405 million burned. However, this second batch of transactions originated from the “Black Hole Address” which, just a few minutes later, received the total for the “burn”, identified by the Whale Alert Twitter account. The burning of tokens on the blockchain usually occurs by sending assets to an address that supposedly cannot make transactions, as it is an “invalid” address — which does not have a private key capable of signing transactions protected by cryptography. Before its final destination, supposedly erasing the stablecoin tokens from existence, the amount passed through an “intermediate address” that has performed several similar transactions in the past. Receiving amounts and immediately transferring the exact amount to another destination. What happened here is that around $175.5M TUSD were minted, just to be burnt a few minutes later. TUSD on Binance and the SUI LaunchThe event took place a few hours after the launch of the new blockchain project for Web3 created by former Meta (Facebook) developers: Sui Network. The Sui mainnet went live this morning and Binance has listed the token on several pairs, including the pair with the stablecoin TUSD. Prior to this, it was possible to stake TUSD or BNB on Changpeng Zhao's exchange to participate in SUI’s the initial distribution. The Blockworks website reported on Tuesday (2) the liquidity injection of around US$ 200 million in TUSD in the USDT pair. Making this the exchange’s most liquid pair. The liquidity injection took place at the same time as the TUSD “depeg”, trading $0.20 above the stable value of $1.00. On the project's official website and Twitter page, the team describes TrueUSD as “the most transparent stablecoin on the market”, but so far there has been no official statement about the unusual movement reported in this article. I tried to download the most recent “real-time audit report” table, issued at 17:00h today (Wednesday, 3) on the official website. But the result is the following error message: The latest activity on TrueUSD's Twitter is a response in denial to analyst Adam Cochram's accusation about an alleged acquisition of the project by Justin Sun, creator of Tron. The response also states that they will take legal action against the alleged defamation. [link] [comments] |
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