- Justin Sun minted $815 million in TUSD stablecoins on Friday, September 15, 2023.
- The newly minted TUSD was replaced by stUSDT and deposited into JustLend.
- JustLend’s total value locked (TVL) rose by 21.5% in the past 24 hours.
Justin Sun, a member of the HTX board, minted $815 million in TUSD stablecoins on Friday, September 15, 2023. According to reports, the newly minted TUSD was replaced by stUSDT and deposited into JustLend, enabling JustLend’s total value locked (TVL) to rise by 21.5% in the past 24 hours.
In a recent post on X (formerly Twitter), the famous Chinese crypto reporter Colin Wu noted that Sun claimed the transactions were personal and had nothing to do with HTX’s business.
The transaction details first appeared on Tronscan last Friday at 11:45 a.m. Eastern Time (ET). It showed that the minting process involved ten transactions directly to the Tron blockchain. Each transaction was minted to a new address and sent funds to the Huobi 2 hot wallet immediately after completion.
Sun’s latest minting exercise comes after a seven-day gap since the last TUSD minting. It lasted less than 15 minutes, with a sudden injection of $815 million worth of TUSD into circulation.
Further analysis on Tronscan revealed that roughly $815 million in TUSD was transferred in nine different transactions from the Huobi 2 address to a well-known wallet under Sun’s management. Subsequently, the funds were moved to an unlabeled contract code, “Minterproxy”. The tokens were later burned after Minterproxy sent $865 million in TUSD to another unidentified wallet.
The chain of events continued with a coincidental minting of $865 million in stUSDT to Sun’s address. This minting was performed across ten transactions, and Sun deposited the stUSDT to the Tron-based JustLend platform over six transactions.
Data from DeFiLlama, the digital assets data analytics platform, shows that JustLends TVL spiked by 17%, following Sun’s stUSDT deposit into the platform. That adds to the other funds injected to reach the 21% TVL increase experienced by JustLend in the past 24 hours.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
