TrueUSD (TUSD) has moved to dispel conjectures regarding its association with an address involved in the issuance of TrueEURO (TEURO), a Euro-based stablecoin.
In an announcement made on 23 October via its official communication channel, TrueUSD underscored that the address in question, identified as 0x7bA7EF06A2621267f063eF2DB2d482D5B507D8b3, possesses no permissions over its smart contract.
This address was exclusively designated for token deployment purposes, and it is neither owned nor controlled by the TrueUSD team.
An examination of on-chain data reveals that TrueUSD’s deployer address was employed to create TEURO on 13 October.
The emergence of this newly created stablecoin has garnered significant attention within the crypto community, particularly in light of TrueUSD’s dissociation from the project.
As community members pointed out the use of TrueUSD’s deployer address in the creation of TEURO, the project issued cautionary advice to prospective investors, urging them to exercise vigilance when considering new contract investments.
This situation has spurred speculation regarding the possible compromise of TrueUSD’s deployer address private key.
ChainArgos, a blockchain intelligence firm, expressed scepticism about the assertion that TrueUSD had no involvement with TEURO, emphasising that the TrueUSD deployer address was employed in the token deployment process.
Their conclusion was that it is improbable that TrueUSD played no role, unless an external party had illicitly obtained access to the account’s private keys.
Crypto investigator ZachXBT shared a similar perspective, suggesting that TrueUSD’s denial of TEURO’s association with it implied a compromise of the private key.
It was also noted that the same private key was used to create a TrueChineseYuan contract.
TrueUSD clarified that its former banking and customer onboarding partner, TrueCoin, experienced a security breach on 16 October.
During this incident, it was disclosed that certain user information and transaction history data may have been exposed.
However, TrueUSD assured that its system and reserves remained unaffected by the breach.
Meanwhile, ChainArgos has raised concerns that the implications of this breach might extend further than initially perceived.