Staked USDT (stUSDT), a protocol that purports to invest in US Treasury securities to pay yield to users who “stake” Tether tokens, has been liquidated by Justin Sun-owned Poloniex, according to on-chain data. As a result, the use of Ethereum has collapsed. .
Staked USDT is a token that has historically been used by entities and wallets closely associated with Sun, and accounts for the majority of all tethers in reserves at HTX, the crypto exchange he advises. occupied.
Furthermore, in Ethereum, a large portion of this token was controlled by 0x176F3DAb24a159341c0509bB36B833E7fdd0a132. This address was previously tagged in Etherscan as “Justin Sun 4” and is now tagged as “Poloniex 9”.
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Poloniex’s categorical refusal to complete the Proof of Reserve, despite Sun’s repeated promises and assertions of its importance, makes this address no longer under the control of either Poloniex or Sun, to the extent of the difference. It has become even more difficult to determine what is underneath.
At times, this address controlled 96% of the total supply of stUSDT on Ethereum.
However, about three months ago, the exchange appears to have requested a withdrawal of around $30 million worth of tokens. Approximately $11 million worth was withdrawn two days ago, and an additional $9.4 million worth was withdrawn today.
These withdrawals have resulted in the token being largely abandoned on Ethereum, with the largest remaining holder, 0x9FCc67D7DB763787BB1c7f3bC7f34d3C548c19Fe, having only $1.7 million worth of the token (approximately 90% of the total supply).
Tron’s largest token holder, TDToUxX8sH4z6moQpK3ZLAN24eupu2ivA4 (HTX address), still holds a much larger $195 million, which is about 85% of Tron’s supply.
Protos reached out to Poloniex to confirm that it controls this address, but did not receive a response as of press time.
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