Dealer takes $4M quick place on TrueUSD as issuer halts mints and redemptions

Following TrustToken’s resolution to quickly halt mints and redemptions of its TrueUSD () stablecoin by its banking companion, Prime Belief, a dealer has taken benefit of the state of affairs by initiating an on-chain quick place.

In response to on-chain knowledge, an consumer utilized Aave’s v2 lending platform to deposit 7.5 million (USDC) as collateral. They then borrowed 4 million TUSD and promptly bought it for USDC. This technique of borrowing and instantly promoting is ceaselessly employed to determine a brief place on a specific asset.

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