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The stablecoin world has exploded! 4.56 million USD of TUSD reserves were privately moved by the accomplice and directly transferred to a company with an unclear background in Dubai. Even more outrageous is that this company is also involved in a fraud case.
Sun Yuchen has really stepped into a pit this time. To stabilize the situation, he directly took out $500 million from his own pocket to fill the hole, which is no small amount.
The good news is that things will not just end like this—multiple judicial jurisdictions in Dubai have officially launched investigation procedures. From the looks of it, this doesn’t seem like a mere formality, but rather a serious pursuit of accountability.
How will this case develop in the future? Can the missing funds be recovered? What penalties will the accomplice face? It is still all unknown. However, it can be confirmed that this incident has sounded the alarm for the entire stablecoin custody industry - the risks of third-party custody are much greater than many people imagine.