Token

Poloniex, an exchange controlled by Justin Sun, <a href="https://protos.com/poloniex-wbtc-depegs-threatening-justin-suns-empire/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">provides</a> a wrapped bitcoin (WBTC) product on Tron that is presently trading at a discount of over 20% on Poloniex.&nbsp;
The WBTC pair has seen zero volume trading over the past day with only 79% of BTC’s worth of WBTC exchanged against BTC on Tron.
Poloniex has not finished the “proof-of-reserves,” which it had earlier promised to provide Protos, and it has not revealed to Protos where it keeps the bitcoin for this WBTC product.
Once more, Protos has contacted Poloniex to learn more about the product’s reserves, the timeframe for the exchange to complete its pledged proof-of-reserves and the nature of the connection between Sun-owned Poloniex and Sun-advised HTX.
The final section is crucial since a sizable amount of the bitcoin held at HTX, formerly Huobi, is part of the WBTC on Tron product provided by Poloniex.&nbsp;
This WBTC on Tron product, which represents over 14,400 bitcoins valued at about $900 million, accounts for over half of all bitcoins on HTX, according to the most recent proof-of-reserves supplied by HTX.
Other links exist between Poloniex and HTX, such as the fact that the “Huobi Platform User Agreement” page is hosted on the Poloniex support website.
HTX and Poloniex are not the only Sun-affiliated companies exposed to this WBTC on Tron offering with about 92k bitcoins valued at roughly $5.6 billion held by JustLend.
In conclusion, this WBTC on Tron product, whose issuer is refusing to reveal where the product’s reserves are housed, exposes JustLend, Poloniex, and HTX to significant discounts in the market.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/01/24/poloniex-unveils-htx-token-revolutionizing-blockchain-ecosystem/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Poloniex Unveils HTX Token Revolutionizing Blockchain Ecosystem</a>
</blockquote>

Poloniex WBTC Depreciation Imperils Justin Sun’s Empire

The Crypto Times

Other articles published on Apr 29, 2024

HNC Coin’s Exciting Journey: New Exchange Listing, and a Vision for Real-World Applications

Is Friend.Tech V2 Release on Track for the Token Airdrop?

5 Cryptocurrencies Gearing For Next Let Up: DTX, RNDR, SOL, SHIB, & INJ

Bitcoin Poised to Break Out, Altcoins Set to Follow? Top Coins to Watch

Solana experiences high volatility, including large transaction failures and scam projects

Surging Solana (SOL) and Ethereum (ETH) Propel Furrever Token (FURR) Past $1 Million in Presale: ...

Join our free newsletter for daily crypto updates!