TechFlow has learned exclusively that according to sources, the CNHC issuing team of offshore RMB stablecoin was taken away by Shanghai Baoshan police, but not because of cryptocurrency-related business. The team has been engaged in cross-border payment business for a long time, transferring foreign US dollars to offshore RMB and then converting them to onshore RMB, with a cumulative transaction volume of US$15 billion. The incident may cause legal problems due to the source of funds for its service customers.
According to PANews, the CNHC Group (now renamed Trust Reserve), the issuer of the CNHC stablecoin pegged 1:1 to the offshore RMB, has been out of contact since the afternoon of May 29. Multiple sources revealed that the team has been taken away by the police and detained, and some employees' families have been notified.