ChainArgos: Justin Sun’s JustLend doesn’t send 'stables' where advertised
ChainArgos General Counsel Patrick Tan claims that Justin Sun and Huobi are conducting an ingenious scam involving the world’s largest stablecoin, tether (USDT). Specifically, Tan claims that Sun’s liquid staking token, stUSDT, is a “staking system that doesn’t send the stablecoins where they’re advertised.” Protos previously reported Sun’s multi-hundred-million dollar relationship with Tether Ltd. as a direct, USDT-minting customer. It turns out that Sun’s relationship with Tether might have been more lucrative than anyone could have imagined. It all begins with JustLend, a Justin Sun-championed and Tron-based financial platform. Users who deposit USDT into JustLend receive Staked Tether (stUSDT) in return. More precisely, they receive a ‘wrapped’ version on JustLend, Wrapped Staked Tether or wstUSDT, which unwraps into the common stUSDT, which in turn can ostensibly be redeemed for USDT. JustLend pretends that stUSDT is comparable to stETH, the Staked Ether of Ethereu...
