The core team of Trust Reserve, which issues two stablecoins, was detained by police in China on May 29, according to PANews.
The team dropped out of contact that day and some family members were notified. The news agency visited the project’s office and found a notice that said “judicial seizure.”
Trust Reserve issued a CNY-backed stablecoin and a HKD-backed stablecoin.
In March, the stablecoin issuer raised $10 million in a Series A+ funding round led by KuCoin Ventures, with participation from Circle and IDG Capital. At the time, the company had around 60 employees with plans to hire more.
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Source: https://www.theblock.co/post/232639/stablecoin-issuer-trust-reserves-team-detained-by-police-in-china-panews?utm_source=rss&utm_medium=rss