The stablecoin TrueUSD (TUSD) lost its parity with the US dollar yesterday, falling to $0.984.
This coincided with a massive sell-off of the asset on Binance.
The TUSD/USDT pair on Binance saw a total sales volume of around $435.4 million in TUSD, representing a net outflow of $66.1 million.
Nick Ruck, COO of ContentFi Labs, said:
"The massive selloff of TUSD reveals panic for its holders over the uncertainties of its reserves and instability related to Poloniex. After a recent hacking incident that targeted Poloniex, TUSD holders find themselves in an increasingly difficult situation to find stability with the USD-pegged stablecoin."
According to CoinGecko, the asset's capitalization amounts to $1.9 billion.
Last January 10, it was reported that TUSD was having difficulties confirming its reserves in real time, which generated concern among the community.