- Analyst Adam Cochran praised Gauntlet Community for limiting the usage of TUSD to Aave.
- The gauntlet resolution got here after the protocol famous uncommon borrowing conduct by TUSD.
- Cochran lately performed an investigation into the precise house owners of the TUSD stablecoin.
Crypto knowledgeable Adam Cochran lately took to Twitter to weigh in on decentralized finance protocol Gauntlet Community’s resolution to restrict the usage of the TrueUSD stablecoin in its Aave V2 lending funds. The Gauntlet resolution got here after a cryptocurrency knowledgeable identified irregularities in TrueUSD’s operations and possession construction.
In accordance with Cochran, the Gauntlet Community lately accomplished a vote to regulate the TUSD stablecoin’s position as collateral of their Aave lending swimming pools. Anomalous TUSD borrowing conduct in Aave v2 prompted a vote on the Gauntlet Administration Discussion board. A cryptocurrency knowledgeable known as on Binance founder Changpeng Zhao to take comparable motion towards TrueUSD.
A cryptocurrency knowledgeable known as out Binance CEO Zhao and its chief customer support officer Yi He for utilizing TUSD in promotional campaigns and accepting it as collateral on their on-line buying and selling platform. He identified that such actions put platform customers in danger.
Adam Cochran’s investigation into TrueUSD was prompted by the latter’s menace of authorized motion after Cochran recommended that Justin Solar was the proprietor of TUSD. In accordance with TrueUSD, Cochran’s feedback amounted to defamation, which warranted authorized motion. The stablecoin firm accused him of operating a smear marketing campaign towards its real-time proof of reserve.
The cryptocurrency knowledgeable responded by digging into TrueUSD’s operations and administration construction to find out the corporate’s possession and whether or not Tron founder Justin Solar owns shares within the firm. After a prolonged investigation into TUSD’s operations, Cochran allegedly uncovered an enormous community of shell firms and associates that helped conceal Solar’s relationship with TrueUSD.
Adam Cochran’s investigation additionally reportedly uncovered high-ranking members of Justin Solar’s portfolio firms, in addition to shut associates in his interior circle, who had been someway related to TrueUSD and different associated entities. It was one Yiying Jiang, who’s listed as an government at TrueUSD, but additionally holds a place in one among Justin Solar’s firms.
