TrueUSD (TUSD) 交易所持有量可能因 4.06 亿美元的未处理赎回而膨胀

据 CoinGecko 报道，TrueUSD 的市值为 4.97 亿美元，CoinMarketCap 为 4.95 亿美元，TrueUSD 网站为 5.02 亿美元。

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) 是一种与美元挂钩的稳定币。它由 TrustToken、Kanaval Technologies 和 BlockTower Capital 等公司组成的财团于 2018 年推出。 TrueUSD 的设计完全由存放在香港存款机构信托账户中的法定货币支持。

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.

根据 CoinGecko 的数据，TrueUSD 的市值目前为 4.97 亿美元。然而，这些数字可能会因孙宇晨建议的 HTX 已转移到可能是赎回地址的地址而高达 4.06 亿美元的 TUSD 代币而被夸大。

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

TrueUSD 的赎回涉及客户将资金发送回专门指定的赎回地址，这看起来有点奇怪。 TrueUSD 解释：

“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.”

“这个地址非常简单，包含很多‘0’。这是故意的。您可以从任何钱包（包括交易所钱包）兑换到该地址，并且该地址收到的所有兑换都将与您的 TrueUSD 账户关联。”

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发送了8000万个TUSD代币。该地址似乎是非常简单的地址之一，可以算作这些兑换地址之一。

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.

还有其他几笔 HTX 交易看似可能是赎回，但相关地址不同。其中包括发送至 0xd423022fFc3aA8915924DD484044987BC0A4c261 的 9000 万美元和 750 万美元 TUSD 交易，该地址与其他销毁地址有很大不同。

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，区块链分析 ChainArgos 之前的分析强调了其他似乎不符合 TUSD 对销毁地址描述的地址。此外，这个从 HTX 收到约 9750 万美元的地址尚未进一步发送，也不包含在 HTX 储备证明中。

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

无论是明确的赎回地址还是不太明显的赎回地址，在收到初始转账后都包含相同风格的“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.

这种相同的转账方式，然后自行发送可以在 0x2bb12A057e69775Ae8b68019BC1Bf21FCC95CA7d 中看到，就在 100 多天前，它从 HTX 收到了约 7800 万美元的 TUSD 代币。该地址也不包含在 HTX 的储备证明中。

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，如果这些是赎回，则尚未完全处理。我们可以通过查看其他已知的赎回地址（例如 0x0000000000000000000000000000000000000525）来看到这一点，通常我们可以看到，当资金被发送到赎回地址时，它们会通过将资金发送到空而被烧毁。

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.

这种模式在 TRON 上也得到了重复，100 多天前，HTX 向 TJXauPDFPnYsfJWM88QwPxfD7nQG1F59tk 发送了 8000 万美元的 TUSD 代币。该地址也不包含在 HTX 储备证明中。

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，与此同时，HTX向TAyq685VnD55CAS2YuAFcibsCqdqzF1ocN发送了7000万美元TUSD。该地址也不包含在 HTX 储备证明中。

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.

这让我们很难确定为什么资产被留在这些地址中这么长时间，而没有赎回或包含在 HTX 储备证明中。

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.”

为 TrueUSD 提供的证明可能是一条线索。 Moore Hong Kong的报告指出，“公司与香港存款机构之间存在有关基金赎回的诉讼，这可能表明TrueUSD储备存在潜在的流动性和信用风险。”

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

香港存款机构是 First Digital Trust，最近美国证券交易委员会 (SEC) 与 TrueUSD 达成的和解协议中也重点提及了该机构。

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.”

该和解协议称，运营 TrueUSD 部分业务的 TrueCoin 和 TrustToken 公司意识到资产存在严重问题，知道“支持 TUSD 的资产超过 99% 都投资于”一个风险基金，该基金投资于“贸易融资、结构性贸易、出口融资、进口融资、供应链融资和实体项目融资。”

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 获得了 Techteryx 和 TrueCoin 在新加坡的部分法律争斗，这些文件提供了更多背景信息，包括指出第一支基金之一的赎回