The native token of a decentralized finance (DeFi) protocol surged more than 50% on Monday as a crypto whale attacked the asset. A DeFi protocol that supports unsecured lending TrueFi (TRU) traded around $0.0692 on Monday. Later in the day, it rallied as high as $0.1039.
Ethereum (ETH)-based DeFi altcoin has gained 19% in the last 24 hours. However, it fell to around $0.0841 at the time of writing.
Blockchain tracking firm Lookonchain stated that a whale purchased 7.32 million TRUs worth around $500,000 from top crypto exchange Binance. According to Etherscan, the whale has purchased a total of 22.1 million TRUs from Binance in the past six days, worth approximately $1,785 million.
Koinfinans.com As we reported, TRU surged this month amid reports that Binance has minted hundreds of millions of dollars worth of stablecoin TrueUSD (TUSD). Earlier in February, the New York Department of Financial Services (NYDFS) directed New York-based crypto firm Paxos to cease printing stablecoin Binance USD (BUSD).
But the jump in TRU price could be the result of confusion. It looks like TrueUSD is no longer owned by Archblock (previously known as TrustToken), the company behind TruFi.
Archblock co-founder Rafael Cosman announced in a 2020 announcement that ownership of TUSD “has passed to an Asia-based consortium that will work with Tron to develop and grow the product.”