Justin Sun’s empire crumbles as USDD depegs again

For the fifth time in its brief existence, Justin Sun’s decentralized stablecoin USDD has depegged. The coin, which is supposed to stay priced at a dollar via a series of algorithmic mechanisms, has deviated 3% from its $1 peg, currently trading for $0.97.

The depegging comes on the back of news that another Justin Sun-based entity, Poloniex, is struggling to maintain a peg for its wrapped bitcoin (WBTC) product. Sun’s other stablecoin, TUSD, has also seen its peg break, though only slightly compared to the issues that the WBTC on Poloniex or USDD are having.

It’s worth noting that all of Justin Sun’s projects have been struggling as of late. HTX, the Sun-advised crypto exchange, hasn’t only seen customers complain of being ripped off but has been involved in lies from Justin Sun about his personal bitcoin stash. The HTX token, which was rebalanced and altered without customer approval, has seen its value fall almost 25% in only a few months.

Read more: Justin Sun directed wash trading scheme from his US apartment, SEC claims

More problems for crypto whiz kid Justin Sun

The enigmatic crypto billionaire has been at the center of numerous controversies over the years, from claims that he’s guilty of market manipulation and wash trading to less concerning problems like his inability to take advantage of his $28 million trip to space (because he can’t or doesn’t want to come back to the United States).

Sun, who once was the ambassador to the WTO for Grenada and has numerous citizenships (including to St. Kitts and Nevis, Malta, and the People’s Republic of China), has seen his fortunes suffer a bit of a reverse since last year when he started to get involved with Huobi (now HTX).

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