Stablecoin Issuer Trust Reserve’s Team Arrested – Crypto News – Crypto News
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Stablecoin Issuer Trust Reserve’s Team Arrested – Crypto News

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2 years ago

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The team behind Trust Reserve, which issues two stablecoins, was detained by police in China on May 29, according to PANews,

The team dropped out of contact that day and some family members were notified. The news agency visited the project’s office in Shanghai and found a notice that said “judicial seizure.”

It is not clear on what charges the police arrested Trust’s team.

Trust Reserve issued CNY-backed and HKD-backed stablecoins

The stablecoin issuer had raised $10 million in a Series A+ funding round led by KuCoin Ventures, with participation from Circle and IDG Capital. The company had announced back then it had around 60 employees with plans to hire more.

This comes alongside rumors that the Multichain core team may have been detained in China. The protocol still has partial downtime and there have been no updates from the core team in China for over a week.

Although the reason for the arrest of Trust Reserve’s team is unclear, authorities could be clamping down on digital payments not using its RMB. central bank digital currency,

e-CNY has 260 million wallets and expanded to 25 cities

Currently, the e-CNY is available in 25 cities and has 260 million wallets. To promote the use of its CBDC, China has a strict ban on crypto trading and mining in force as well. The Asian country is also looking to reduce its dependence on the US dollar and replace it with its CBDC for cross-border transactions.

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, covering breaking news, and writing editorials. When not working, you’ll find him reading Russian literature or watching some Swedish movie.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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