TrueUSD Drops Below $1 Peg Amid Massive Binance Sell-Off

Concerns over reserve attestations and withdrawal issues on Poloniex compound the impact of the de-pegging.

TrueUSD (TUSD) stablecoin has deviated from its $1 peg, trading at around $0.988, amid a massive sell-off on Binance.
Over $444 million in TUSD sell orders have been placed in the last 24 hours, resulting in a flow deficit of $142 million.
Analysts suggest the de-pegging is likely due to the potential impact of the HTX and Poloniex hacks, and Binance's decision to exclude TUSD as an option for staking new tokens on its Launchpad.
TrueUSD has been grappling with its ability to provide real-time attestations of its reserves, leading to speculation about potential undercollateralization.
Users on the exchange platform, Poloniex, have reported issues with withdrawing TUSD, thus affecting the potential for arbitrage trading.