I am quite surprised by the fact that Sun Ge was cut 500 million yuan. It is not a scene of "whoever calls himself the boss is the boss", but a financial "accident" caused by the key not being changed and the contract being trampled It's just that the owner has changed their name, but the door to the vault is still in the hands of the old man Why did this happen to TUSD's reserve assets? TUSD has changed its operator, and the custody is still in the hands of the old partner. According to investment and financial management practices, it was agreed to go to a compliant fund, but the huge amount was sent all the way to another private company The contract specifies where to invest and where not, but the script has been secretly tampered with. The bottom line of custody responsibilities, once treated as' flexible handling ', money will take its own toll The truth needs to be handed over to the court, but there are two iron laws that do not need to wait for judgment: Theft ≠ change of ownership; Hosting ≠ Unlimited authorization. What you need to abide by is the contract, not the 'feeling' Many people are constantly arguing over who is the real boss of TUSD. I only care about two practical issues: who has the authority to dispose of reserves, and who fills the gap when risks break out. The former explains how accidents occur, while the latter determines whether the system crashes The market is not a judge, it only recognizes' who can withstand the redemption '. Everyone saw the people who carried it this time - those who really filled the black hole with real money and silver are not the ones who talk about risk control Some people also ask, what is the intention behind a certain "big shot" who appeared during the hearing? Don't deify or conspire. What he wants is for the system not to explode. If stablecoins are hit by a series of thunderstorms, it will not only harm one coin, but also drain the entire liquidity. Stablecoins can have a ripple effect, as seen in Luna's previous UST To save TUSD, it sounds like 'industry responsibility', but to put it bluntly, 'saving others is also saving oneself', which is in line with human nature and game theory. You may not like Sun Ge, but you have to respect this account What hurts me the most about this is the luck in human nature: I understand configuration, "" money is still in the system, "and" practices have industry conventions "- each sentence sounds more pleasant, but they cannot stop four words: abuse of authority When the custodian regards "entrusted" as "everything" and the process is rewritten as "profitable", the rest is the court, freezing order, public opinion, and the trembling of hundreds of thousands of coin holders But this incident also brings three important warnings to the stablecoin industry: Changing bosses without changing keys is equivalent to not changing. Governance, directive, and redemption rights must be closed-loop on the same controlled chain The contract is the bottom line, not a suggestion. 'Can earn' is not a passport, 'can review' is Whoever fills the hole is worthy of speaking. The market only sets prices for the bearers in the end The ultimate core is still the system that no one can tamper with by committing evil deeds