Coin World Reports:
According to on-chain data, staked USDT (stUSDT) is a protocol that allegedly invests in US Treasury bonds to pay users profits on their staked tokens. The usage of stUSDT on Ethereum has collapsed as Poloniex, owned by Justin Sun, exits its position.
Staked USDT is a token that has historically been used by entities and wallets closely associated with Sun, representing a significant portion of the reserves for his recommended cryptocurrency exchange, HT.
Furthermore, a large portion of this token on Ethereum is controlled by the address 0x176F3DAb24a159341c0509bB36B833E7fdd0a132, previously labeled as “Justin Sun 4” on Etherscan but now marked as “Poloniex 9”.
Read more:
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Despite promises made by Sun, Poloniex shamelessly refuses to complete proof of reserves
Persisting
Due to its significance, determining whether the address is more under the control of Poloniex or Sun (as long as there is a difference) becomes more challenging.
At times, this address has been found to control up to 96% of the total supply of stUSDT on Ethereum.
However, approximately three months ago, the exchange seemingly requested the withdrawal of around $30 million worth of tokens. Two days ago, around $11 million worth was withdrawn, and another $9.4 million worth today.
These withdrawals have left the token virtually abandoned on Ethereum, with the remaining largest holder, address 0x9FCc67D7DB763787BB1c7f3bC7f34d3C548c19Fe, owning only $1.7 million worth of the token, approximately 90% of the total supply.
The largest token holder on Tron, address TDToUxX8sH4z6moQpK3ZLAN24eupu2ivA4, still holds a larger $195 million worth, accounting for approximately 85% of the Tron supply.
Protos has reached out to Poloniex to confirm control of the address, but as of the time of writing, no response has been received.
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