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TrueCoin LLC and TrustToken, Inc.

Date:

October 23, 2024

Type of alert:

SEC Settlement  

The SEC charged TrueCoin LLC and TrustToken Inc. with defrauding investors through the unregistered sale of investment contracts involving the stablecoin TrueUSD (TUSD). From November 2020 to April 2023, they falsely claimed that TUSD was fully backed by U.S. dollars, while a significant portion of the assets were invested in a risky offshore fund. By 2024, 99% of TUSD’s reserves were tied to this speculative fund. TrueCoin and TrustToken agreed to settle the charges, paying civil penalties and disgorgement, though they did not admit or deny the allegations. The settlement is pending court approval.

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