This time's 500 million incident seems on the surface to be a爽文 about Justin Sun getting played for suckers, but if you think deeper, it exposes the biggest black hole of stablecoins: custody.

TUSD reserves were misappropriated by 456 million, buried from 2020 to 2024, 2025 before exploding, a full 5 years.

Why has it been able to be concealed for so long? Because off-chain custody is a black box.
Transfers on the blockchain are transparent, but the dollar reserves of stablecoins are in bank accounts, which ordinary people cannot see.

The core vulnerability of this incident:
The old team holds the key to the reserves → The new boss has no idea where the money went → FDT transferred the money to a private account in Dubai → Forged documents to cover up → By the time it's discovered, the money is already gone.

The house has been sold, but the vault key is still in the hands of the previous owner.

Spending 500 million to put out fires is not charity.
He has his own USDD stablecoin, and the TUSD collapse will trigger systemic panic, affecting all stablecoins.

Saving others = saving yourself, this serves as a warning to the industry:
On-chain transparency only solves half of the problem; off-chain assets are the most vulnerable link.

In the future, stablecoins must either achieve on-chain reserve proof or stop talking about decentralization.