TechFlow exclusively learned from sources that the CNHC offshore RMB stablecoin issuance team was taken away by police in Baoshan, Shanghai, but not due to cryptocurrency-related operations. The team had long been engaged in cross-border payment services, transferring offshore USD into offshore RMB and then converting it into onshore RMB, with a cumulative transaction volume reaching $1.5 billion. The incident is believed to be related to legal issues concerning the source of funds from its clients.
Previously, PANews reported that the team behind CNHC Group (now renamed Trust Reserve), the issuer of the offshore RMB-pegged 1:1 stablecoin CNHC, went missing starting the afternoon of May 29. Multiple sources revealed that the team members had been detained by law enforcement, and some employees' families have received official notifications.
