CandleFocus BREAKING: SEC Sued Two Cryptocurrency Companies! Here are the Details – It’s Related to One of the Most Popular Stablecoins
2024-09-24
Author: Content Editor
The SEC has accused TrustToken and TrueCoin of defrauding investors through their stablecoin investment program. The SEC alleges that 99% of TUSD stablecoin reserves were invested in a speculative offshore fund, while the companies marketed the stablecoin as secure and fully backed by U.S. dollars. The settlement requires both companies to pay penalties, but they neither admitted nor denied the allegations. TrustToken developed the TrueFi lending protocol, and TrueCoin issued TUSD. The settlement includes penalties of $163,766 and restitution of $340,930 for TrueCoin. The SEC emphasized the importance of proper registration to ensure investors receive accurate information.
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