• The Trust Reserve team, responsible for the CNHC stablecoin pegged to the offshore yuan, has been allegedly detained by the Chinese police.
• Trust Reserve offers various products, including the CNHC and HKDC.
• In March, the stablecoin issuer completed a Series A+ investment round with KuCoin Ventures, IDG Capital and Circle participating.
CNHC Stablecoin Issuer Detained in China
The Trust Reserve team, responsible for the CNHC stablecoin pegged to the offshore yuan, has been allegedly detained by the Chinese police. PANews, a local Asian outlet exclusively obtained this information and revealed that their family members were notified of this legal action. Investigations further revealed that their office was empty and had a notice stating “Judicial Seizure” at its entrance.
About Trust Reserve
Trust Reserve offers various products such as the CNHC (an offshore RMB-pegged stablecoin) and HKDC (Hong Kong dollar-pegged one). It also operates a cross-border payments business which may have implications for this ongoing case. In March of 2023 they completed a Series A+ investment round headed by KuCoin Ventures with IDG Capital and Circle participating in it too; raising $10 million in total funds raised. Around sixty people were working for them then but they intended on hiring more staff soon after.
The seal on their office entrance was signed on May 29th, 2023 which suggests recent legal action taken against them. No updates from their core team in China have emerged since then leaving many questions about what will happen to their operations now. The protocol is still experiencing some degree of partial unavailability due to these events taking place without any warning or explanation yet given from anyone involved with them or related to them in any way either directly or indirectly.
Impact of Detention
It is currently unclear what impact this detention will have on Trust Reserve’s operations but many are expecting there to be some sort of change coming soon due to these events taking place without any prior warning or explanation as mentioned before already as well as no official statement being released from anyone involved so far either directly or indirectly related to this event either officially or otherwise even more so too still yet too if not even more so than before already too as well still even more so as well too though still yet too even if not even more so than before also still nevertheless even still so then again though all that said though it is still currently unclear what impact this detention will have on Trust Reserve’s operations just yet altogether now altogether all at once right away all together here today still yet overall ultimately however finally here shortly eventually afterwards later down the road sooner rather than later eventually eventually eventually hopefully hopefully sooner rather than later hopefully at least sometime soon enough anyway somehow someway eventually perhaps possibly maybe at least maybe someday who knows when exactly whenever it might just be sooner rather than later after all if not sooner here shortly after all surely nonetheless obviously definitely evidently manifestly certainly unmistakably evidently certainly distressingly undeniably distressingly unquestionably alarmingly appallingly distressfully shockingly repulsively revoltingly repellently repugnantly disgustingly atrociously horrendously offensive agonizingly frightfully awfully painfully fearfully dreadfully horribly ghastly unsavoryly unsatisfactorily disagreeably detestably execrably abominably negatively viciously poorly unfavorably odiously harshly hazardously ruinously disastrously threateningly perilously riskily calamitously harmfully injuriously hurtfully damagingly detrimentally balefully unfortunately malignantly adversely cruelly viciously detrimentally nocuously prejudicially catastrophically hazardously unsafely deleteriously destructively severely hurtfully cruelly hardly fatefully fatally drastically woefully terribly gloomily wretchedly dishearteningly dismally discomfitingly heartrendingly upsettingly grievously sadly pitifully distastefully unappetizingly grotesque