The core team of Trust Reserve, which raised $10 million in funds led by KuCoin Ventures, has been detained by police in China.
China’s local news agency PANews reported that the team of Trust Reserve, which issues two stablecoins, was detained in China. Trust Reserve, formerly known as CNHC Group, issues stablecoins indexed to the Chinese yuan and Hong Kong dollar.
The core team of the stablecoin issuer was detained by the Chinese police on May 29, according to PANews. It was reported that the team could not be reached after that day, but family members were informed.
Chinese Police Attack on Trust Reserv’s Team!
The core team of Trust Reserve, which issues stablecoins pegged to the Chinese yuan and Hong Kong dollar, was recently detained in China.
China’s local news agency PANews visited the crypto organization’s office. PANews reported that there was no one in the office and that the police left a note on the office door. According to the Chinese news agency, the company has a judicial arrest letter on its door.
In addition, Trust Reserve participated in a Series A funding round in March. KuCoin Ventures was the leader of this funding round. Circle and IDG Capital also participated in the round, in which the stablecoin issuer raised $10 million in funding.
According to the news, citing PANews’ sources, the custody situation is not due to stablecoins. The Chinese media channel reported that the company may have fallen under the radar of the police regarding another cross-border payment.
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