Recent allegations by prominent crypto researcher @ErgoBTC and a tweet by Adam Cochran have raised serious questions about the backing of TRC-20 Bitcoin on the Tron network. The controversy centers around a potentially unbacked mint of 60,000 BTC TRC20 (worth $1.2billion) by Justin Sun and a transfer to JustLend, a decentralized lending platform on the Tron blockchain, for a 600 million USDC loan. @ErgoBTC’s investigation delves deeper, examining the presence of the alleged 114,000 BTC on the Bitcoin blockchain.
The lack of transparency surrounding the TRC-20 Bitcoin custodian leaves room for doubt and skepticism. Justin Sun and Tron may find themselves under increased scrutiny from both the Bitcoin community and regulators.
All Comments