Can we really have confidence in the ecosystem around TrueUSD? Recent information involving the stablecoin calls for questions about the relevance and effectiveness of activities linked to the asset. Indeed, it seems that the universe linked to TrueUSD extends well beyond its simple function of representing fiduciary value. Several data disclosed by corroborating sources show that TrueUSD is not only the incarnation of a stable crypto. The asset would also maintain a complex network of interconnections raising enigmatic questions. This against the backdrop of owner relationships with apparently contradictory interests and actions. Could TrueUSD, which has so far been seen as a simple crypto solution, be the epicenter of a complex nebula? This is essentially what we will analyze in the lines that follow.
Who is actually latest TrueUSD?
There is total doubt about the person (natural or legal) who actually operates the TrueUSD stablecoin. In May, a source had suggested that Justin Sun, founder of crypto firm TRON and current CEO of Rainberry, is linked to the platform. The situation resulted in the source in question being sued for defamation.
But this situation has not gone unnoticed. She is in fact at the origin of deep investigations around TrueUSD. And the conclusions of this vast investigation highlight the stablecoin’s links with the Huobi crypto platform.
The latter is not the only company linked to the asset. A large conglomerate of shell companies is also believed to be involved in TrueUSD. The least we can say based on these elements is that the plot is complete.
It is even more so when we analyze the activity reports of TrueUSD. We discover more questionable things there. Indeed, these documents indicate an account opened by an entity identified as Techteryx.
Officially, it is this company, allegedly based in Singapore, that is behind the TrueUSD stablecoin. The signatures of Jennifer Jiang and Steve Liu affixed to these reports are deemed authentic. A priori logical data, since the latter are supposedly Techteryx executives.
However, by digging a little deeper, the investigation revealed that the latter is not domiciled in Singapore as shown. In any case, the Singaporean authorities have indicated that they have no knowledge of the existence of Techteryx. Is this company basically a shell company? What is certain is that the question of the authenticity of Techteryx arises.
The actual existence of Techteryx is not the only nagging question. Indeed, investigations reveal an association with BitTorrent through a certain Yiying Jiang. The latter would have links with a British holding company linked to DLive. And digging deeper, we see that BitTorrent is in fact owned by Rainberry. A company that, intriguingly, counts Justin Sun and Steve Liu among its owners. The nebula around the stablecoin does not stop there while doubt persists as to the effective ownership of TrueUSD.
TrueUSD, a family affair?
Expanding the network of connections around TrueUSD, another element is attracting attention. Jennifer Jiang, who is none other than Yiying Jiang, is linked to Justin Sun through Poloniex. A company in which the co-founder of TRON has interests. The bond between Sun and Jiang seems all the stronger as both hold the nationality of Saint Kitts and Nevis.
It is not clear whether, beyond this acquired nationality, Yiying Jiang and Justin Sun maintain family ties. What we are certain of, however, is that Sun Weike is the father of the latter. By analyzing the structural landscape of the Chinese companies that involve him, we discover the central role that his father plays.
Indeed, Sun Weike seems deeply linked to several mainland Chinese companies. His presence is reported on the boards of directors of these companies. Moreover, alongside individuals such as Justin Sun, Jiang Yiying, Li Jinmei. This person, who could be Sun Weike’s former wife, appears to be the link between several of these companies.
What about the crypto implications of these investigations?
Given the complexity of the connections around TrueUSD, what should we conclude in terms of implications for the stablecoin market? The first and most obvious is the opacity maintained around the stablecoin and its real owners. If there’s one thing that jumps out, it’s that Justin Sun is linked to this stablecoin. Information that the person concerned denies outright.
However, when we link the information together, we see that a clan with occult activities has formed around the boss. The question we can legitimately ask is why Justin Sun is not transparent on the subject. The question of why Sun has refrained from transparently disclosing his involvement is up in the air.
In any case, this opacity has called into question the compliance of these entities with financial regulations. This potentially makes them vulnerable to legal repercussions.
Furthermore, underlying risks inherent to this convoluted arrangement exist. They could come to light even if the situation of the stablecoin and its financial issues remain veiled. This is without taking into account that these secret operations can expose assets to confiscation or other legal problems. Which underlines the urgency of transparency and compliance with the rules in force. One of the most relevant means to protect users from spectacular bankruptcy as we have observed with Terra Labs.
Conclusion
Exploring the TrueUSD ecosystem reveals a complex reality. Particularly intriguing connections between TUSD, Justin Sun, the co-founder of TRON, and various entities. This nebula of relationships and actors raises questions in terms of transparency, compliance and motivation. In this context, probing the mysteries surrounding this stablecoin and questioning established structures is necessary. This is necessary to demystify this complex web. This is all the more important as it helps enlighten the TrueUSD community on the issues of decentralized finance (DeFi).
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