TrueUSD Clarifies: The '0x7bA7' Address Bears No Authority on TUSD Smart Contract

TrueUSD has addressed recent discussions surrounding a certain cryptocurrency address beginning with '0x7bA7'. The company clarified that this address does not hold any authority over the TUSD smart contracts or user token assets and is not connected to the TrueUSD team in any form, as reported by the Odaily News.Since the end of 2020, the TUSD team took control of the TUSD contract, ensuring security of TUSD tokens through smart contracts. These are securely managed by the team, providing assurance for token holders.The clarification follows earlier reports around blockchain analysis company, ChainArgos's statement, which indicated a link between TEURO token contract and TrueUSD's private key. The claims followed an admission by TrueUSD about a security breach occurring on September 18, 2021, with TEURO being deployed just ten days later.ChainArgos had proposed a scenario where someone had potentially obtained some of TrueUSD's private keys, thereby potentially misrepresenting the extent of the September hack. It raises questions given an incident where someone had minted a whopping 850 million TUSD just three days before the officially stated date of the breach.The situation is described by ChainArgos as 'dangerous', alluding to a theory where TUSD's reserves might have been lifted by an entity possessing the company's private key. Conversely, TrueUSD has firmly stated that the '0x7bA7' address does not impact TUSD's operations nor is it associated with the team.