TrueUSD (TUSD) stablecoin lost value and fell to $0.995 after Changpeng Zhao resigned as CEO of Binance and after Reuters reported that terrorists preferred Justin Sun’s Tron to Bitcoin to facilitate terror financing. Currently TUSD price is trading at $0.996 after trying to repeg.
Depeg worsened on November 27 and 28, and the TUSD price dropped to as low as $0.995.
Riyad Carey, one of the researchers at Kaiko, stated that TUSD’s 1 dollar constant seems difficult at the moment, due to the influence of some large market orders. The largest TUSD sale was $3 million in a single order.
Additionally, a Reuters report claiming that Justin Sun’s Tron is used more by terrorists than Bitcoin for terrorist financing also appears to be one of the factors causing TUSD to fall. The news drew attention to the seizures carried out by the Israeli National Counterterrorism Financing Bureau, which froze 143 Tron wallets between July 2021 and October 2023.
Justin Sun also made a post to clarify that Tron is decentralized like Bitcoin and Ethereum. He added that the Tron team is committed to combating terrorist financing.
While we are committed to combating terrorist financing by integrating various analysis projects and partners, our top priority remains, as always, maintaining decentralization, ensuring the security of everyone’s assets, and ensuring instant, affordable and reliable transactions.
Tron (TRX) price is down more than 8% to $0.100 and is trading at $0.101, down 1% in the last 24 hours.
Since TUSD is backed by former Binance CEO CZ and Tron founder Justin Sun, the news caused massive liquidations in TUSD. The stablecoin failed to relaunch despite various attempts and is currently trading at $0.996.