dodgy TUSD behaviour, links across chains and to old addresses: -many addresses have what look like failed redemptions -but 1 party didn’t struggle at all -tusd-on-bsc starts during this circus -pt closure coincident w/ token returns https://twitter.com/willmorriss4/status/1671965200730275841?s=20…

these look like failed redemption attempts. look at those date pairs:

ordered by time and colored as mint vs burn. those usd are in some kind of holding area.

these addresses all have what look like failed redemptions similar to what @wjmelements found. https://twitter.com/willmorriss4/status/1671965200730275841…

for example:

but one address is different. and its a known address from earlier work. it is the address that pulled money from tusd to fund husd in 2019. the 0x270 address. its an insider/heavy user of some sort. https://medium.com/chainargos/early-tusd-husd-real-uses-15b0412a7f8a…

this address: -did a redeem-remint of 11.4mm june 9th -pulled 268k from poloniex -redeemed 5.5mm w/o trouble on june 12th -sent the rest to curve at the same time redeem-remint cycles are normal for *this* address (ref: blog link above)

sure looks like special treatment when these other addresses just got their tokens back. or maybe they use a different usd provider. one these rejected folks cant/wont/dont access.

now look at tusd minting on bsc. the big mint, substantially all the market cap, is during this window on june 14th to binance. they wouldnt redeem 1k for a client but minted 30mm. here is all minting (hint: only 1 mint matters)

and recall prime trust, one of their providers, was shuttered on the 21st

it looks like: -tusd started failing redemptions ard june 10th -one big & old player was still fine -tusd returned the failure-linked tokens recently -during the hiatus tusd-on -bsc kicked off in size & went to binance -prime trust was shuttered june 21st as returns started

having your withdrawal rejected and tokens returned is not what most ppl want when they say they want to "be their own bank"