Read

<div class="protos">
 <a rel="noopener noreferrer nofollow" title="Poloniex" href="https://thebittimes.com/tag/poloniex.html">Poloniex</a>, a <a rel="noopener noreferrer nofollow" title="Justin Sun" href="https://thebittimes.com/tag/justin-sun.html">Justin Sun</a>-owned exchange, offers a wrapped bitcoin (<a rel="noopener noreferrer nofollow" title="WBTC" href="https://thebittimes.com/tag/wbtc.html">WBTC</a>) product on <a rel="noopener noreferrer nofollow" title="Tron" href="https://thebittimes.com/tag/tron.html">Tron</a> that is currently trading at a more than 20% discount on <a rel="noopener noreferrer nofollow" title="Poloniex" href="https://thebittimes.com/tag/poloniex.html">Poloniex</a>.&nbsp;
 The <a rel="noopener noreferrer nofollow" title="WBTC" href="https://thebittimes.com/tag/wbtc.html">WBTC</a> pair traded against BTC on <a rel="noopener noreferrer nofollow" title="Tron" href="https://thebittimes.com/tag/tron.html">Tron</a> has <a rel="noopener noreferrer nofollow" title="WBTC" href="https://thebittimes.com/tag/wbtc.html">WBTC</a> worth only 79% of BTC, currently on 0 volume over the last 24 hours.
 Poloniex has previously refused to disclose to Protos where it holds the bitcoin for this WBTC product and has yet to complete a promised ‘proof-of-reserves.’ Protos has again reached out to Poloniex to attempt to determine where the reserves for this product are held, what the timeline is for the exchange to finish its promised proof-of-reserves, and for clarification on the relationship between Sun-owned Poloniex and Sun-advised HTX.
 <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
 <div class="wp-block-embed__wrapper">
 <blockquote class="wp-embedded-content" data-secret="FDjH1cJLek">
 Poloniex proof-of-reserves and WBTC backing missing
 </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Poloniex proof-of-reserves and WBTC backing missing” — Protos" src="https://protos.com/poloniex-proof-of-reserves-and-wbtc-backing-missing/embed/#?secret=GBVyvoZcMc#?secret=FDjH1cJLek" data-secret="FDjH1cJLek" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
 </div>
 </figure>
 Read more: Where is <a rel="noopener noreferrer nofollow" title="Justin Sun" href="https://thebittimes.com/tag/justin-sun.html">Justin Sun</a>’s money?
 The last part is important because the WBTC on Tron product offered by Poloniex is a massive portion of the bitcoin held at HTX, formerly Huobi.&nbsp;
 The most recent proof-of-reserves provided by HTX reveals that over half of all bitcoin on HTX is this WBTC on Tron product, representing over 14,400 bitcoins worth almost $900 million.
 There are other connections between <a rel="noopener noreferrer nofollow" title="Poloniex" href="https://thebittimes.com/tag/poloniex.html">Poloniex</a> and HTX, including the fact that the <a rel="noopener noreferrer nofollow" title="Poloniex" href="https://thebittimes.com/tag/poloniex.html">Poloniex</a> support website hosts a page for the ‘Huobi Platform User Agreement.’
 HTX and Poloniex are not the only Sun-connected entities exposed to this WBTC on Tron product, with JustLend having nearly 92k bitcoins worth approximately $5.6 billion.
 To summarize: JustLend, Poloniex, and HTX are all exposed to this WBTC on Tron product that currently is trading at a massive discount and whose issuer refuses to disclose where the reserves for the product are held.
 Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;Instagram,&nbsp;Bluesky, and&nbsp;Google News, or subscribe to our&nbsp;YouTube&nbsp;channel.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/poloniex-wbtc-depegs-threatening-justin-sun-s-empire-tbt86927.html">https://thebittimes.com/poloniex-wbtc-depegs-threatening-justin-sun-s-empire-tbt86927.html</a>

Poloniex WBTC depegs threatening Justin Sun’s empire

TheBitTimes

在 2024年4月29日發表的其他文章

Hong Kong Prepares For Record-Breaking Debut Of Crypto ETFs As Issuers Expect $200-$300 Million I...

Post-Halving Boom: Bitcoin Fees Eclipse 1,200 BTC and Miners Reap Rewards

Top Crypto Partnerships – April Week 4

Crypto Investment Products Face Stiff Withdrawals

Will Dogecoin Reach $1 During This Bull Market? Or Could Dogeverse Be a Better Investment Opportu...

Ethereum Gas Fees Hit Six-Month Low, Santiment Predicts Potential Altcoin Rally

訂閱免費電子報，每天收取加密貨幣最新動態！