The revelations from this press conference are comparable to the financial circle version of "Infernal Affairs."

Many people's first reaction is: A certain big shot in the crypto world lost 500 million dollars? This is too outrageous!

But if you sort out the whole matter, you will find that this time it might not simply be a case of being exploited, but rather someone has stepped on a big mine for the entire industry.

**Mine laying began in 2020**

The stablecoin project TUSD has a new owner, Techteryx. It looks quite normal, right?

But there is a fatal problem: the control of the reserves is still in the hands of the "old team."

For example, the house is sold, but the key to the vault is still with the previous landlord. What does this mean if not a hidden danger?

**Old forces collude with external organizations to play tricks**

These people have started causing trouble. They quietly transferred the TUSD reserves—real money that should have been safely sitting in a bank account—into a private company under the guise of "investment management."

Whose company is this? It's a "little treasury" opened by a certain core member's family.

How much was transferred? 456 million USD.

Directly stuffing it into one's own pocket, with a boldness that knows no bounds.

**The best is yet to come**

To cover up the whereabouts of this enormous amount of funds, they:
- Forged documents, pretending the new owner agrees to invest
- Create false transaction records
- Forge authorization documents
- Internal distribution of stolen goods, received over 100 million HKD in kickbacks

The level of operation is something even screenwriters wouldn't dare to write like this.

**The new owner is completely in the dark**

Techteryx, as the new owner, cannot monitor the flow of funds at all because it did not obtain actual control over the reserve funds.

By the time they later noticed something was wrong...