Crypto exchange HTX, previously known as Huobi, has suddenly turned off its proof-of-reserves system today, according to Adam Cochran, Managing Partner at Cinneamhain Ventures. This concerning development comes at the same time as TrueUSD (TUSD), which is believed to be owned by HTX stakeholder Justin Sun, has failed to maintain its $1 peg for over two weeks.

1/8

So Justin Sun’s HTX/Huobi has suddenly turned off their proof-of-reserves system, at the same time as a few other concerning things are happening. pic.twitter.com/eCjE9YAvwA

— Adam Cochran (adamscochran.eth) (@adamscochran) January 26, 2024

Earlier today, visiting HTX’s proof-of-reserves page showed no data on the exchange’s crypto reserves. The reserve rates, wallet balances, and user asset figures were all missing temporarily. The page is now back online, but the timing of this temporary outage still raises questions given the ongoing issues with stablecoin TUSD.

This change follows recent scrutiny around TUSD and its apparent lack of adequate collateralization. TUSD has traded below $1 since January 7th according to CoinGecko.

Earlier this month, TrueUSD failed to provide real-time attestations showing it had sufficient dollar reserves backing the stablecoin. This transparency failure led to speculation that TrueUSD may be under-collateralized.

The realtime attests of TUSD stopped working since yesterday, which potentialy means that it was reported as undercollatelised. (see status description in the pic)@tusdio

Go to Source to See Full Article
Author: Diego Almada Lopez

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details