ChainArgos: Justin Sun’s JustLend doesn’t send ‘stables’ where advertised
USDT that customers once held on Huobi is now daisy-chained into JustLend, a ‘decentralized’ lending protocol dominated by Sun.
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On-chain data shows Justin Sun controls virtually all stUSDT
Around 99% of stUSDT is controlled by Justin Sun and Justin Sun-connected entities such as Huobi, despite lacking the promised DAO.
Justin Sun-advised Huobi controls 85% of ‘decentralized’ stUSDT
stUSDT, a form of staked tether invested in “real world assets” that pays yield to users, is highly centralized.
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