Justin Sun prints $800M in little-used stablecoin
Blockworks
15 Sep 2023 8:50 PM
Data from Tronscan shows that $815 million TUSD was minted directly to the Tron blockchain across a series of 10 transactions....
- Billionaire trader Justin Sun minted over $815 million of the stablecoin TUSD in less than 15 minutes.
- The TUSD was minted directly to the Tron blockchain and then sent to the Huobi 2 hot wallet.
- The funds were then sent to an unlabeled contract and burned.
- At the same time, $865 million of stUSDT were minted to Sun's address and deposited to the JustLend platform.
- These deposits now account for half of Sun's $1.5 billion JustLend position.
- StUSDT is a staked USDT product that yields 4.2% and claims to be backed by real-world assets.
- JustLend's total value locked increased 17% to $4.63 billion following the deposits.
- Tether has stated that stUSDT is an independent project and not affiliated with Tether.
- Sun has been accused of acquiring TUSD through various shell companies.
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You May Ask
Who minted over $815 million of TUSD in a short period of time?Where were the TUSD funds sent after being minted?What happened to the TUSD funds after being sent to an unlabeled contract?What other stablecoin was minted at the same time as the TUSD?What is the yield and backing of the stUSDT product?