CNHC Team, the Issuer of offshore RMB Stablecoin, seems Loss of Contact

According to reports, the CNHC Group, which issues the CNHC stablecoin pegged to offshore RMB 1:1 (now renamed Trust Reserve), has been missing since the afternoon of May 29th. Multiple sources revealed that the team had been taken away and detained by the police, and some employees' families have received notifications.

It is reported that the company's office in a building in Shanghai Pudong has been found empty, with a seal on the door that reads "Judicial Seal, No Destruction Allowed", dated May 29, 2023.

According to official information, Trust Reserve's products include offshore RMB stablecoin CNHC and Hong Kong dollar stablecoin HKDC. The company's stablecoin business has not yet been widely promoted, but it has other cross-border payment businesses, which may be related to the case.

Previously reported: Stablecoin Issuer CNHC (Offshore Chinese Yuan) Raises $10 Million, Led by KuCoin Ventures, 

Alchemy Pay and Offshore RMB Stablecoin Issuer CNHC enter into a Partnership

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