TechFlow reported, according to PANews, that the team behind CNHC, a stablecoin pegged 1:1 to the offshore Chinese yuan and issued by CNHC Group (now renamed Trust Reserve), has been out of contact since the afternoon of May 29. The team's office, located in a building in Shanghai's Pudong district, has been sealed off. A seal on the premises bears the words "Sealed by Judicial Authority, Strictly Forbidden to Tamper," dated May 29, 2023.
It is understood that company employees have been taken into police custody, and some employees' family members have received notification. Trust Reserve's products include the offshore RMB stablecoin CNHC and the Hong Kong dollar-pegged stablecoin HKDC.
Several insiders told PANews that although the company's stablecoin business had not yet been widely promoted, it operated a separate cross-border payment service, which may be linked to the current investigation.
