TRON (TRX) is currently the #14 coin by market cap. The coin has seen an insane increase over the past couple months.
TRON has recently launched its algorithmic stablecoin USDD. The algorithm governing the stablecoin’s dollar-peg is an arbitrage trade between USDD and TRX, Tron’s network’s native token. Hmm… this reminds me of something but I can’t put my finger on it….
Now here’s this week’s best offer! You can earn up to 57% through sun.io’s LP! What a great deal.
According to Defillama USDD is #10 stablecoin by market cap, with a 20% increase over the past week, this figure is up from $90 million recorded during its day of launch on May 5, 2022. Hmm… I have a vouge memory of something that happened in early May 2022…
Oh and we haven’t even checked the project’s founder, Justin Sun.
Let’s get started:
Justin Sun launched TRON’s whitepaper during the ICO craze in 2017, days before China’s ban on ICO’s. He raised $70 million and left the country. Sun had been tipped off by Changpeng “CZ” Zhao, the founder and CEO of Binance. Does this also sound familiar….?
On top of that. it’s been also reported that he copy pasted the project’s whitepaper from another coin. This only adds to the pile of cards that his so called “algorithmic stablecoin” is a scam waiting to collapse.
It is no coincidence that Justin also left China, days after the ICO ban was announced.
On top of all that, it’s been reported that:
He hosted a ton of fake giveaways in 2019 announcing fake winners and retracting prizes.
He announced fake partnerships with big organizations such as Liverpool F.C., who have denied connections.
It’s been reported that Justin has sold most of his TRON coins after the ICO and bought a large chunk of ETH. Some say he owns more ETH than the projects’ Co-Founder Vitalik.
So, what do we make of all these? Justin Sun, the creator of TRX and USDD, not only literally copy pasted everything, he has also been involved in a huge amount of sketchy dealings and scams.
My hope is that people like Justin and projects like LUNA and TRX are wiped off entirely from the market, for this is the only way to move forward and build something meaningful.