Trader takes $4M short position on TrueUSD as issuer halts mints and redemptions By Cointelegraph
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Following TrustToken’s decision to temporarily halt mints and redemptions of its TrueUSD () stablecoin through its banking partner, Prime Trust, a trader has taken advantage of the situation by initiating an on-chain short position.
According to on-chain data, an user utilized Aave’s v2 lending platform to deposit 7.5 million (USDC) as collateral. They then borrowed 4 million TUSD and promptly sold it for USDC. This strategy of borrowing and immediately selling is frequently employed to establish a short position on a particular asset.
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Following TrustToken’s decision to temporarily halt mints and redemptions of its TrueUSD () stablecoin through its banking partner, Prime Trust, a trader has taken advantage of the situation by initiating an on-chain short position.
According to on-chain data, an user utilized Aave’s v2 lending platform to deposit 7.5 million (USDC) as collateral. They then borrowed 4 million TUSD and promptly sold it for USDC. This strategy of borrowing and immediately selling is frequently employed to establish a short position on a particular asset.
Continue Reading on Coin Telegraph
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