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    <p>Since its launch, Justin Sun’s new Tron-based protocol Staked Tether (stUSDT) has experienced numerous issues, including false marketing promises, centralization, and now spam.</p> 
    <p>The project’s marketing describes it as a protocol where users can provide <a rel="noopener noreferrer nofollow" title="Tether" href="https://thebittimes.com/tag/tether.html">Tether</a>s that will then be invested to earn yield by the Real World Asset Decentralized Autonomous Organization (RWA DAO).&nbsp;&nbsp;</p> 
    <p>Unfortunately, Protos was unable to identify a decentralized or autonomous organization governing these investments. Additionally, it claimed it was launched in collaboration with the JustLend DAO but Protos was also unable to find any discussion in the JustLend governance forum or any governance proposals related to the launch of RWA DAO.</p> 
    <p>The tokens that have been issued so far <strong>are controlled by a few wallets connected to Sun</strong>, with approximately 85% at Huobi and the remainder in wallets that he appears to control.&nbsp;</p> 
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      <blockquote class="wp-embedded-content" data-secret="caTLXJT7co">
        On-chain data shows Justin Sun controls virtually all stUSDT 
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“On-chain data shows Justin Sun controls virtually all stUSDT” — Protos" src="https://protos.com/on-chain-data-shows-justin-sun-controls-virtually-all-stusdt/embed/#?secret=ivPg5B0hQE#?secret=caTLXJT7co" data-secret="caTLXJT7co" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p>Nearly all of the more than 100k other <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>es that hold stUSDT received their tokens from a single <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>, TKyCmGYVto67XfxhtkYt14EkU3qKTjUKii.&nbsp;</p> 
    <p>This <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a> <strong>spent several days <a rel="noopener noreferrer nofollow" title="spamming" href="https://thebittimes.com/tag/spamming.html">spamming</a> <a rel="noopener noreferrer nofollow" title="thousands" href="https://thebittimes.com/tag/thousands.html">thousands</a> of <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>es with stUSDT after receiving a small amount from Huobi</strong>.</p> 
    <p>This stUSDT spam occurred from July 20 through July 29 and has since ceased.&nbsp;</p> 
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       <p lang="en" dir="ltr">i find it funny how awefuly bad justin sun faked the number of stUSDT holders. this address send tiny amounts to 100k wallets, 10k each day. https://t.co/rHghh3UTA2 pic.twitter.com/hSlkK6q1sy</p>— Symbio (@NoCryptFish) August 10, 2023 
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    <p><em>Read more: Crypto exchange Huobi says two-year data breach wasn’t that bad</em></p> 
    <p>This supposedly decentralized token is almost entirely concentrated in a few small <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>es, with nearly all of the remaining <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>es on Tron having received de minimis amounts from a single <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a>. This <a rel="noopener noreferrer nofollow" title="address" href="https://thebittimes.com/tag/address.html">address</a> received the tokens from a Sun-‘advised‘ exchange.</p> 
    <p>Meanwhile, that exchange, which once promised third-party verification of its reserves, has abandoned that path and now has <strong>massive portions of its reserves in stUSDT and in Tron WBTC</strong>. It has not disclosed where the backing bitcoin is.</p> 
    <p>Even putting aside these other problems, it’s also failing at its most basic claims, including lacking the promised RWA DAO.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;</em><em>Twitter</em><em>,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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‘Someone’ is spamming thousands of addresses with stUSDT

TheBitTimes

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