Massive TrueUSD Minting Sends Shockwaves in Crypto Community

Earlier today, in an unexpected turn of events, hundreds of millions of TrueUSD (TUSD) stablecoins were minted at multiple unidentified wallets.

Today, the on-chain data tracker Whale Alert reported on X (previously Twitter) that four unidentified wallets mined nearly 54 million TUSD per wallet over 30 minutes.

The abrupt minting of more than 213 million TUSD took the crypto community on X by surprise. Each of the four unidentified wallets generated 53.9 million TrueUSD within minutes.

The total fees for the event amounted to 152.5 TRX ($11.6). TrueUSD is the fifth-largest stablecoin by market capitalization at present.

Despite being sent to four distinct addresses, 213 million TUSD ultimately wound up in the same wallet.

On-chain data from Tronscan indicated that every newly created TUSD was sent to a Binance Hot Wallet.

A Hot Wallet, or online wallet, is a web-connected cryptocurrency wallet used for speedy online cryptocurrency transfers.

The Binance Hot Wallet, which received 213 million TUSD, presently contains crypto assets with a market value of over $509 million.

This includes, among other tokens, 389 million TRX ($29 million), 289 million USDT, 91 million USDC, 281,119 BUSD, and 95.7 million TUSD. The hot wallet has transferred over 117 million TrueUSD to a new address.

The massive TrueUSD minting occurred just days after a comparable event in which 54.3 million TUSD were created at an unidentified wallet.

These stablecoins were also transmitted to the same Binance Hot Wallet, which is quite interesting.

In the past 24 hours, CoinMarketCap data indicates that TrueUSD’s daily trading volume increased by 29% to $1.4 billion.