The post Suspicion Surrounds Justin Sun as $62 Million TUSD Appears Out of Thin Air! appeared first on Coinpedia Fintech News Adam Cochran, a partner at CEHV and an influential figure in the crypto industry, has launched a fiery accusation against Justin Sun, the founder of Tron....
Adam Cochran, a partner at CEHV and an influential figure in the crypto industry, has launched a fiery accusation against Justin Sun, the founder of Tron. Cochran alleges that Sun has been involved in some strange and seemingly deceptive cryptocurrency dealings that have raised more than just a few eyebrows in the crypto community.
Magic with Minting and Burning
The tale doesn’t stop here. Sun reportedly burned $50 million TUSD, and then moved $50 million USDT and $12 million TUSD into JustLend, a Tron-based decentralized lending platform.
Cochran finds no legitimate reason for the instant minting and burning of TUSD, unless the objective was to momentarily inflate the balance for a snapshot or to offset debt. Moreover, he speculates that these funds might be unbacked, adding a hint of suspicion to the whole affair.
In addition, Cochran’s tweet points out that Sun appears to be borrowing heavily against assets on Huobi through JustLend. He further accuses Sun of creating TUSD out of thin air and using Huobi and Poloniex – another cryptocurrency exchange – as personal piggy banks for borrowing against.
Relation with CZ and TUSD
Cochran reveals that CZ has offered “voluntary termination” deals to various departments within Binance. The staff members are invited to resign immediately, sign a new non-disclosure agreement, and receive a three-month severance package. Cochran insinuates that such a move is quite unusual, particularly after Binance had already undergone significant cuts.