Justin Sun-linked crypto exchange WhiteBIT raises red flags
An obscure exchange with curious ties to Justin Sun, WhiteBIT, is currently advertising a nose-bleeding APY of 24.8% to customers who deposit Tether (USDT) for a year on its lending platform. Tether has been interchangeable for $1 worth of bitcoin for over eight years. Although that 24.8% is five times the average USD money market rate — a red flag if there ever was one — WhiteBIT has a variety of connections to Justin Sun and his Huobi exchange. Funds flow frequently between WhiteBIT and Huobi. Those connections make that APY figure slightly less remarkable, although no more reassuring. Justin Sun has a long history of advertising stratospheric returns on dubious stablecoins. He’s advertised 150% to 392% on his USDD stablecoin, 2,366% on USDJ, 30% on USDC, and 23% on TUSD. Sun controls vast quantities of, and decision-making powers over, most of those stablecoins. On-chain data shows Justin Sun controls virtually all stUSDT Read more: Justin Sun ’s stablecoin...