TrueUSD (TUSD) 交易所持有量可能因 4.06 億美元的未處理贖回而膨脹

根據 CoinGecko 報導，TrueUSD 的市值為 4.97 億美元，CoinMarketCap 為 4.95 億美元，TrueUSD 網站為 5.02 億美元。

TrueUSD (TUSD) is a stablecoin that is pegged to the US dollar. It was launched in 2018 by a consortium of companies that includes TrustToken, Kanaval Technologies, and BlockTower Capital. TrueUSD is designed to be fully backed by fiat currency that is held in a trust account with a Hong Kong depository institution.

TrueUSD (TUSD) 是一種與美元掛鉤的穩定幣。它由 TrustToken、Kanaval Technologies 和 BlockTower Capital 等公司組成的財團於 2018 年推出。 TrueUSD 的設計完全由存放在香港存款機構信託帳戶中的法定貨幣所支持。

According to CoinGecko, TrueUSD's market capitalization is currently $497 million. However, these numbers may be inflated by up to $406 million TUSD tokens that Justin Sun-advised HTX has transferred to addresses that may be redemption addresses.

根據 CoinGecko 的數據，TrueUSD 的市值目前為 4.97 億美元。然而，這些數字可能因孫宇晨建議的 HTX 已轉移到可能是贖回地址的地址而高達 4.06 億美元的 TUSD 代幣而被誇大。

Redemptions of TrueUSD involve clients sending funds back to specially designated redemption addresses that look a little strange. TrueUSD explained:

TrueUSD 的贖回涉及客戶將資金發送回專門指定的贖回地址，這看起來有點奇怪。 TrueUSD 解釋：

“This address is very simple and contains many ‘0’s. This is intentional. You can redeem from any wallet (including exchange wallets) to this address, and all redemptions received by this address will be associated with your TrueUSD account.”

「這個地址非常簡單，包含很多『0』。這是故意的。您可以從任何錢包（包括交易所錢包）兌換到該地址，並且該地址收到的所有兌換都將與您的 TrueUSD 帳戶關聯。

Just over 100 days ago, HTX sent 80 million TUSD tokens to 0x7000000Cd0fc88461a74C9df0809B58E7F60ad34. This address appears to be one of the very simple addresses that would count as one of those redemption addresses.

就在100多天前，HTX向0x7000000Cd0fc88461a74C9df0809B58E7F60ad34發送了8000萬個TUSD代幣。該地址似乎是非常簡單的地址之一，可以算是這些兌換地址之一。

There are also several other HTX transactions that appear as though they may be redemptions, but the addresses in question are different. These include transactions of $90 million and $7.5 million TUSD that were sent to 0xd423022fFc3aA8915924DD484044987BC0A4c261, which appears substantially different than other burn addresses.

還有其他幾筆 HTX 交易看似可能是贖回，但相關地址不同。其中包括發送至 0xd423022fFc3aA8915924DD484044987BC0A4c261 的 9,000 萬美元和 750 萬美元 TUSD 交易，該地址與其他銷毀地址有很大不同。

However, previous analysis by Blockchain Analysis ChainArgos has highlighted other addresses that don’t seem to fit TUSD’s description of burn addresses. Additionally, this address that received approximately $97.5 million from HTX has not sent it further along and is not included in the HTX proof of reserves.

然而，區塊鏈分析 ChainArgos 先前的分析強調了其他似乎不符合 TUSD 對銷毀地址描述的地址。此外，這個從 HTX 收到約 9,750 萬美元的地址尚未進一步發送，也不包含在 HTX 儲備證明中。

Both the clear redemption address and the less obvious redemption address include the same style of “self” transaction after receiving the initial transfer.

無論是明確的贖回地址還是不太明顯的贖回地址，在收到初始轉帳後都包含相同風格的「自」交易。

This same style of transfer followed by self-send can be seen in 0x2bb12A057e69775Ae8b68019BC1Bf21FCC95CA7d, which just over 100 days ago received approximately $78 million TUSD tokens from HTX. This address is also not included in HTX’s proof of reserves.

這種相同的轉帳方式，然後自行發送可以在 0x2bb12A057e69775Ae8b68019BC1Bf21FCC95CA7d 中看到，就在 100 多天前，它從 HTX 收到了約 7800 萬美元的 TUSD 代幣。該地址也不包含在 HTX 的儲備證明中。

However, if these are redemptions, they haven’t been fully processed. We can see this by looking at other known redemption addresses like 0x0000000000000000000000000000000000000525, where we can see normally when funds are sent to a redemption address they are then burnt by sending the funds to null.

但是，如果這些是贖回，則尚未完全處理。我們可以透過查看其他已知的贖回地址（例如 0x00000000000000000000000000000000000525）來看到這一點，通常我們可以看到，當資金被發送到贖回地址時，它們會透過將資金發送到空而被燒毀。

This pattern is repeated on TRON, where HTX sent $80 million TUSD tokens to TJXauPDFPnYsfJWM88QwPxfD7nQG1F59tk just over 100 days ago. This address is also not included in the HTX proof of reserves.

這種模式在 TRON 上也得到了重複，100 多天前，HTX 向 TJXauPDFPnYsfJWM88QwPxfD7nQG1F59tk 發送了 8000 萬美元的 TUSD 代幣。該地址也不包含在 HTX 儲備證明中。

Furthermore, at the same time, HTX sent $70 million TUSD to TAyq685VnD55CAS2YuAFcibsCqdqzF1ocN. This address is also not included in the HTX proof of reserves.

此外，同時，HTX向TAyq685VnD55CAS2YuAFcibsCqdqzF1ocN發送了7,000萬美元TUSD。該地址也不包含在 HTX 儲備證明中。

This leaves us struggling to determine why assets have been left in these addresses for so long, without redemption or inclusion on the HTX proof of reserves.

這讓我們很難確定為什麼資產被留在這些地址中這麼長時間，而沒有贖回或包含在 HTX 儲備證明中。

One clue may come in the attestations provided for TrueUSD. Moore Hong Kong’s report notes that “there is litigation between the Company and the Hong Kong Depository Institution in relation to the redemption of the fund, which may suggest potential liquidity and credit risks of the TrueUSD reserves.”

為 TrueUSD 提供的證明可能提供了一條線索。 Moore Hong Kong的報告指出，“公司與香港存款機構之間存在有關基金贖回的訴訟，這可能表明TrueUSD儲備存在潛在的流動性和信用風險。”

The Hong Kong depository institution is First Digital Trust, which was also highlighted in the recent Securities and Exchange Commission (SEC) settlement with TrueUSD.

香港存款機構是 First Digital Trust，最近美國證券交易委員會 (SEC) 與 TrueUSD 達成的和解協議中也重點提及了該機構。

This settlement alleged that TrueCoin and TrustToken, firms that operated parts of TrueUSD, were aware of serious issues with the assets, knowing that “more than 99% of the assets backing TUSD were invested in” a risky fund that invested in “trade finance, structured trade, export finance, import finance, supply chain financing, and project financing of entities.”

和解協議稱，營運 TrueUSD 部分業務的 TrueCoin 和 TrustToken 公司意識到資產存在嚴重問題，知道「支持 TUSD 的資產超過 99% 都投資於」一個風險基金，該基金投資於「貿易融資、結構性貿易、出口融資、進口融資、供應鏈融資和實體專案融資。

Portions of the legal jockeying between Techteryx and TrueCoin in Singapore have been obtained by Protos, and these documents provide additional context, including noting that redemptions in one of the funds that First

Protos 獲得了 Techteryx 和 TrueCoin 在新加坡的部分法律爭鬥，這些文件提供了更多背景信息，包括指出第一支基金之一的贖回