In the past couple of days, I've been keeping an eye on the #TUSD reserves, and the more I look, the more certain I am of one thing: the issue is not with TUSD itself, but with the custodial line.

It's obvious that someone is pulling some tricks, moving hundreds of millions of dollars around. I've seen this kind of thing too many times in the circle; just by looking at how the funds are moved, I know it's not a mistake in pressing keys, but rather a pre-planned route.

The situation is actually quite straightforward. After Techteryx retrieves the TUSD, the reserves are still managed by the original TrueCoin, which in turn has handed over hundreds of millions of dollars to Hong Kong FDT as an accomplice.

Normally, this money should be properly placed in a regulated fund, but they didn't follow the rules and instead stuffed the money into a small company like Aria DMCC that they opened themselves.

To be frank, I've seen this kind of trick many times during my time in this field: forging documents, changing names, packaging investments as loans... This is the standard money siphoning process, nothing new at all.

The Dubai court is quite straightforward in examining the evidence; it directly imposes an indefinite freeze, locking the assets first and then giving a final deadline—everything must be clarified before November 27 regarding where the 456 million is ultimately going. In translation, this means: the court does not believe their narrative at all.

Techteryx has been investigating since 2023, and eventually global courts have taken action, holding responsibilities one by one and locking assets one by one. To prevent users from being harmed, they even found a way to cover the gaps first. I personally really appreciate this – it's quite rare in this industry for users not to be harmed.

My own judgment is very simple: although this matter is chaotic, the direction is moving towards the good.

The issues that needed to be dug out have surfaced, the assets that needed to be frozen have been locked, the court has also intervened, and the responsible parties cannot escape. The most crucial point is that ordinary users have not been harmed at all.

In the long run, this will actually make the stablecoin industry cleaner. Custody, transparency, audits—these will definitely become stricter in the future, and there won't be so much gray area to exploit.

In summary, my view can be expressed in one sentence: it's troublesome in the short term, but beneficial in the long term; some people are causing trouble, but there are also those who provide support.

Stablecoins fear opacity the most, at least this time the darkest part has been illuminated.