Core Team of Trust Reserve, Issuer of Stablecoins, Reportedly Detained in China
According to PANews, the core team of Trust Reserve (formerly CNHC Group), responsible for issuing two stablecoins, was reportedly detained by Chinese authorities on May 29. The team went silent on that day, and their family members were informed about the situation. When PANews visited the project’s office in Shanghai, they discovered a notice indicating “judicial seizure.”
Trust Reserve is known for issuing a CNY-backed stablecoin and an HKD-backed stablecoin. In March, the stablecoin issuer successfully raised $10 million in a Series A+ funding round. The funding was led by KuCoin Ventures, with participation from Circle and IDG Capital. At that time, Trust Reserve employed approximately 60 people and had plans for further expansion.
Additionally, there are rumors circulating about the possible detention of the Multichain core team in China. The protocol has experienced partial downtime, and there have been no updates from the core team based in China for over a week.
As of now, neither Trust Reserve nor KuCoin Ventures has responded to The Block’s request for comment on the situation.
%s Comment