Tron (TRX) founder and Huobi (now HTX) board member Justin Sun sparked controversy by minting a large amount of TUSD stablecoin and depositing it on his own lending platform JustLend.
According to the data, the Sun-linked address minted 815 million TUSD hours ago, which was eventually exchanged for stUSDT and deposited to JustLend. JustLend's TVL increased by 21.5% in the last 24 hours.
Sun claimed that the transactions were his personal funds and had nothing to do with Huobi's business. The funds were then sent to an anonymous contract whose code was “minterproxy”. Minterproxy then sent $865 million in TUSD to another address, which also burned the tokens.
However, TUSD burnings occurred almost completely in sync with stUSDT mints. $865 million worth of stUSDT was printed on Sun's address in 10 transactions. Sun then deposited stUSDT into Tron-based lending platform JustLend in six transactions.
In a recent statement, a Tether spokesperson said that stUSDT “is an independent project and is not affiliated with Tether.”
Today's deposits make up half of Sun's $1.5 billion JustLend position.
*This is not investment advice.
