— AI, BitTorrent
Justin Sun’s graveyard of abandoned crypto projects
Justin Sun has launched and endorsed a huge number of cryptocurrency projects, and many have since been abandoned.
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— AI, BitTorrent
Justin Sun has launched and endorsed a huge number of cryptocurrency projects, and many have since been abandoned.
Read more (7 min) →— Justin Sun, USDD
USDD, the Justin Sun-founded stablecoin, has abandoned its DAO, rebuilt its collateral system, and has highly concentrated holdings.
— HTX, Justin Sun
Justin Sun's USDD is receiving most of its assets from HTX and is depositing them into new vaults launched without approval from a DAO.
— Justin Sun, Tether
Justin Sun has announced that USDD 2.0 is launching soon, but details about what this new version will entail are sparse.
Despite Sun and USDD's claims that it is governed by a DAO, there are no governance votes that seem to correspond to the change.
Sun's USDD is meant to stay priced at a dollar via a series of algorithmic mechanisms but it's deviated 3% and currently trades for $0.97.
— HTX, Justin Sun
HTX has been including 'collateral' for the USDD algorithmic stablecoin in its reports, raising concerns about solvency.
— Crypto, Justin Sun
With no recent capital injections or incentives for short-sellers, solving problems with USDD and USDJ doesn't seem to be a priority for Sun.
— Justin Sun, USDD
Justin Sun's stablecoin USDD has been unable to maintain a price of $1.00 ever since FTX and Alameda went bankrupt. What's the deal?