Chinese police arrested team behind the CNHC Stablecoin supported by Yuan: Report

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Von: Krypto News Österreich

Berichten zufolge hat die chinesische Polizei einige Mitarbeiter von Trust Reserve, dem Unternehmen hinter dem von Yuan unterstützten CNHC-Stablecoin, festgenommen und inhaftiert. Laut einem Bericht der lokalen Medien PANews wurde das Kernteam der Trust Reserve am Mittag des 29. Mai festgenommen und ihre Familienangehörigen wurden benachrichtigt. Polizei verhaftet CNHC-Ausstellungsteam Vertreter von PANews besuchten das Büro des Unternehmens in Pudong, Shanghai, und fanden einen freien Arbeitsplatz mit einem Siegel an der Tür, auf dem stand: „Gerichtliche Beschlagnahme, strikt kein Vandalismus“. Die Mitteilung wurde am 29. Mai unterzeichnet. Während der Grund für die Festnahme unklar bleibt, sagten mit der Angelegenheit vertraute Personen …
According to reports, the Chinese police arrested some of Trust Reserve employees, the company behind the CNHC Stable Cooin supported by Yuan. According to a report by the local media in Panews, the core team of the Trust Reserve was arrested at noon May 29 and their family members were notified. Police arrested CNHC exhibition team representatives of Panews visited the company's office in Pudong, Shanghai, and found a free workplace with a seal on the door at the stand: "Judicial confiscation, strict no vandalism". The message was signed on May 29. While the reason for the arrest remains unclear, familiar people said with the matter ... (Symbolbild/KNAT)

The Chinese police reported some employees of Trust Reserve, the company behind the CNHC Stable Cooin, which is supported by Yuan.

According to a report by the local media Panews, the core team of the Trust Reserve was arrested at noon on May 29 and their family members were notified.

police arrest CNHC exhibition team

representatives of Panews visited the company's office in Pudong, Shanghai, and found a free workplace with a seal on the door: "Judicial confiscation, strictly no vandalism". The message was signed on May 29th.

While the reason for the arrest remains unclear, familiar people of the local news agency said with the matter that the cross -border payment transaction from Trust Reserve could be the reason.

Trust Reserve has two stable coins-a asset covered by the offshore chinese Yuan (CNHC) and a token covered by the Hong Kong dollar (HKDC). The StableCoin issue recently secured $ 10 million for CNHC in a financing round led by Kucoin Ventures, the investment branch of the cryptocurrency exchange Kucoin based on the Seychelles.

Circle Ventures, the investment department of the USDC stable issuer Circle, and the multinational investment company IDG Capital.

CNHC, supported by the permissible Layer 1 blockchain network Conflux, is linked 1: 1 to the offshore Yuan (CNH), the reserves of which are kept in Hong Kong.

fear and uncertainty

The news of the arrest is in the middle of unconfirmed rumors that Chinese authorities allegedly arrested the MultiChain project team. MultiChain is a cross-chain router protocol in which the contract is set for a wealth of over $ 1 billion.

Last week, transactions were delayed in the protocol and got stuck with several offline cross-chain-bridge paths, including polygon ZXEVM, KAVA and ZKSync. The team initially stated that the problem was due to a backend upgrade that took longer than expected. However, the narrative was later changed so that problems could be attributed to uncontrollable events.

The multiChain team was neither able to confirm nor refute the continued rumors and is silent on the social media platforms, including the Telegram group and the Discord server.

On May 25th, MultiChain co-founder DJ Qian, who no longer works with the project, disclosed on Twitter that the current CEO, Zhaojun, was unavailable when he was asked to provide technical help for the ongoing problem.

The sudden disappearance of the teams MultiChain and Trust Reserve could trigger fear and uncertainty with their users and lead to panic sales of their products.

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