Analyst company GFX Labs believes that actions from the address of the founder of Tron may be aimed at promoting the TUSD token in the DeFi Lender Compound protocol.
GFX Labs Research Center
posted on Twitter, a message accusing Tron CEO Justin Sun of intending to use a large amount of governance tokens to manipulate Compound voting. An address believed to be Sun’s has borrowed 99,000 COMP tokens worth over $13 million on Lender Compound.
On Friday, February 4, the address received 99K COMP tokens and then transferred more than 102K COMP to Binance. After that it was
offer created add TUSD as a collateral asset to Compound, allowing DeFi users to borrow against TUSD as collateral. GFX Labs acknowledges that it is unable to confirm that the address belongs to Justin Sun, but the author compares this case with a similar vote in January, which had an impact on the governance of the issuer of the stablecoin MakerDAO.
Twitter user PaperImperium commented, “Justin borrowed a large amount of MKR on Aave. Presumably this was done in order to vote for the creation of a TUSD-DAI anchor stability module. After this was noticed, he returned MKR before the vote.”
The creation of a stability module will allow users to exchange TUSD for the MakerDAO DAI stablecoin at a fixed rate. In a poll, the community rejected the proposal before it could move to a formal vote. In turn, the TUSD issuer denied the accusation of collusion with the head of Tron and stated that they were not aware of Sun’s actions:
“We wouldn’t risk working with Justin Sun or any whales to manipulate votes.”
It is worth noting that the TUSD website lists Sun as an advisor for Asian markets, and a blog post from 2020 notes that “TUSD ownership will go to an Asian consortium that will work with TRON to develop TUSD on Ethereum, TRON, and other blockchains on the network.” .
However, Justin Sun has often invested heavily in DeFi protocols. He recently withdrew $4.2 billion from the popular DeFi protocol Aave, which is 18% of the total amount of assets locked in the protocol. Sun’s interest has now shifted to the NFT market. Last week, the founder of the network bought BAYCT #6666 Joker-themed collectible token for 150,000,000 TRX ($15 million). In March, Justin Sun announced the launch of the JUST NFT Fund to create a “bridge” between the world’s leading artists and the non-fungible token (NFT) market.
Source: Bits
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