In the Bitcoin and crypto space, the spotlight is once again on Justin Sun, the enigmatic figure behind the Tron blockchain. 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.
With approximately 60,000 Bitcoin potentially unbacked, the Bitcoin community and the wider crypto industry are left wondering about the true state of affairs. 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.
60.000 Bitcoin Unbacked?
@ErgoBTC’s extensive research has unearthed unsettling information. According to his findings, “While the TRC20 ETH was rehypothecated, 60k of the TRC20 BTC appear to have simply never been backed.” As the analyst outlines, in a traditional centralized peg scheme, transparency and t
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